Get rid of the paper dollar. Get rid of the penny. Make a new dollar coin the size of the penny.
Make ALL ALL ALL vending machines, parking meters, token takers of any kind be made to take the dollar coin or it will NEVER take off.
Make ALL ALL ALL vending machines, parking meters, token takers of any kind be made to take the dollar coin or it will NEVER take off.
9
How many times do we have to go through this failed recommendation? We have twice before had $1 coins. They were never popular and totally failed in their mission. It costs the government a good deal of money to do this. Do we have enough money to burn to try it again or should the money go toward kid's education or supporting the elderly. You choose.
9
Of course we should use a $1 coin, but color it like the Canadian Loonie, and do something different with the serrated edge and the weight of the coin so that it could not be easily mistaken for a quarter.
Canada has also eliminated the penny, doing rounding in all cash transactions. We have a lot to learn from our northern neighbors regarding currency!
Canada has also eliminated the penny, doing rounding in all cash transactions. We have a lot to learn from our northern neighbors regarding currency!
19
Coins and bills? So 20th century... Go electronic!
6
I think we should switch to a dollar coin (instead of a one-dollar note) and a five-dollar coin (instead of the five-dollar note). To make room in cash drawers, the penny and nickel should be eliminated (and even the dime is little needed). Currently, there is very little that can be purchased with pocket change, because the face values are so low, but with one- and five-dollar coins, that would change.
5
As a Canadian I like the idea. We have a loon on our $1, we call it the "loonie". You could follow Benjamin Franklin's recommendation for the national bird and call it the "turkey". We would then have fair trade and a real N.A.F.T.A. We could then trade insults with us on an equal footing. You could call us the loonies to the north of you and we could talk about the "turkeys" to the south of us. I vote for the coin, especially if it is a "turkey".
14
Pick your design and material(s) carefully; ask the UK about counterfeiting the 1 pound coin...
1
No! too heavy to carry coins around...dollar bills are easy to stuff in pocket, purse, etc.
20
Dollar coins have been tried at least two times in the last couple of decades. They were dismal failures. A few dollar bills are a lot easier and lighter to carry around than several dollar coins. I also seem to remember that the vending machine people were not too gung ho either.
Speaking of coins, when was the last time you used a $.50 piece
Speaking of coins, when was the last time you used a $.50 piece
13
Coins are annoying. They tear holes in the pocket. I rather see more use of cash cards that so common in Asia and Europe.
5
I hate coins, and I think most americans do as well, just look at the 1/2 dollar, and 1 dollar coin disasters. Most Nations have different sized currency. So the Treasury can save $2 billon by simply re-sizing the Dollar in half. Little if no changes would be required on Registers, vending, Change machines, and wallets (if the size change is not in width, but length) As well the "impaired" population can ID easy. Problems solved
3
Why worry about currency... its importance continues to wane. Between new services like ApplePay and its ilk, plus debit and credit cards, the role of paper or coin currency will inexorably reduce, thus lowering the cost of printing it.
Put the money toward the expansion of electronic payments schemes and the problem will largely solve itself.
Put the money toward the expansion of electronic payments schemes and the problem will largely solve itself.
4
If the transition to a $1 (and even $2) coin was made long enough, the public would adapt fine. Eventually the Treasury should quit printing $1 bills and minting the penny too.
2
Here in Canada, we turned to a dollar coin -- it has a loon on the back and was dubbed the "loonie'. Years later, the two dollar coin came out and was dubbed the "townie." We have dropped the penny.
Buskers love the coins, I am indifferent, keep losing them around the place.
i find that I rarely use cash -- credit or bank cards are widely used here and very convenient.
Buskers love the coins, I am indifferent, keep losing them around the place.
i find that I rarely use cash -- credit or bank cards are widely used here and very convenient.
1
How is this still a "thing"? USA badly needs to embrace the $1 coin, ditch the penny and go metric if it wants to be taken seriously on the world stage.
2
Haven't we already tried dollar coins? The experiments have failed miserably.
3
I was just in Panama, whose currency, the balboa, is pegged at 1 to 1 with the U.S. dollar. They don't even print banknotes; they just use American ones. But they do have a 1-balboa coin. If they can do it, why can't we?
2
Yes. Get rid of the bills or else it won't work. Also I agree to get rid of both the penny and the nickel. Inflation has made that amount worthless, and it makes sense to just get rid of that decimal place. A dime in 1920 would be worth over $1.00 today! So in other words, a penny then was worth more than $.10 now anyway. Let's re-set something sensible.
4
We've tried this. The Susan B. Anthonys were too small and everyone kept confusing them for quarters. I liked the Sacagaweas but got dirty looks whenever I used them as currency - and both a cab driver and a toll taker refused to accept them. I agree it makes fiscal sense, but if you are going to wean people off something they're used to, please make sure it's something that works for consumers, merchants, vending machines etc.
6
$1. coin, $2 Bill. Will be wonderful for churches and the exotic dancers. Jobs for the vending machine industry and the counting machine industry. Get rid of the Cent. Round up. Duh.
3
get rid of the paper dollar and substitute a coin LARGER than a quarter. Get rid of the penny too -
4
I, for one, really liked SBA dollars and used them all the time.
1
First, let's get rid of the penny.
11
This sounds like a solution in search of a problem.
4
No. They're heavy. Anyone who's toted around heavy high-denomination coins in Europe and Britain knows this.
7
Get rid of pennies first.
12
Eliminate all coins and bills; electronic transactions will suffice.
2
Exotic dancers may find it difficult to stuff coins in their lingerie.
22
At this point in civilization exotic dancers shouldn't be getting anything lower than a $5 bill anyway. Come on.
2
NO!
7
Ecuador, which uses the American dollar as its official currency, circulates dollar coins instead of paper bills and it works just fine.
1
Ditch the $1 bill, and the existing dollar coins will swiftly be adopted by the public. They're becoming common already, as newer vending machines become established. I have little trouble using the ones I get from USPS and MTA machines; this was not the case five years ago.
And for heaven's sake, let's get rid of the penny!
And for heaven's sake, let's get rid of the penny!
2
U.S. currency and coinage is a mess. Prior attempts to change it have failed, and the proposal to eliminate $100 bills is nothing but a typical stalking horse for the desire of both banks and government to get rid of cash altogether.
I can't be surprised that the New York Times would support getting rid of $100 bills. The newspaper is the voice of banks, and of big government, and against the people. No wonder.
As far as dollar coins go, if they ever implement that idea they can start by not featuring a painfully ugly woman. Give us a coin we might actually want to look at. And get ride of pennies and nickels. Add a $10 coin. And yes, a $500 bill. With a picture of Bigfoot.
I can't be surprised that the New York Times would support getting rid of $100 bills. The newspaper is the voice of banks, and of big government, and against the people. No wonder.
As far as dollar coins go, if they ever implement that idea they can start by not featuring a painfully ugly woman. Give us a coin we might actually want to look at. And get ride of pennies and nickels. Add a $10 coin. And yes, a $500 bill. With a picture of Bigfoot.
4
All for a coin over a paper bill that cost more in the long run.....would love to see them get rid of pennies there worthless everyone should get a tax rebate for sending all there pennies in so they can be made into dollar coins
1
Just announce that all pennies are no dollars. And then watch the penny scramble.
Hasn't this already been tried? Susan B. Anthony and Sacagawea dollars were both failures. I would want to understand why these weren't successful before trying another one.
9
We already have a dollar coin, and apparently the American public is not as "on board" as Mr. Klein believes. The Fed is storing tons of them, and there is no demand from the "on board" American public to put them in circulation.
Any of the other commenters wanting them can head over to their local bank and get as many as they want to carry.
Any of the other commenters wanting them can head over to their local bank and get as many as they want to carry.
7
By getting the public on board, Progressives mean "giving them no choice"
3
$4 billion over 30 years and 360 million citizens is 37 cents per year. For the convenience of paper money, I am willing to pay 37 cents. Get rid of the penny if you want to save some money.
5
Yes to a dollar coin.
And if we do, make the dollar coin (a) small and (b) thicker and/or dodecahedron-shaped so that it's visually and tactically dissimilar to any other U.S. coinage. The similarity of previous U.S. dollar coins to other coins is the reason why those failed.
And if we do, make the dollar coin (a) small and (b) thicker and/or dodecahedron-shaped so that it's visually and tactically dissimilar to any other U.S. coinage. The similarity of previous U.S. dollar coins to other coins is the reason why those failed.
8
How about eliminating the penny first ?
3
Yes! Time for a roll-out for $1 and $2, (or $1 and $3? But $1 and $2 probably better) over several years. The vending and coin-operated folks will have time to adapt. Stop circulation of penny, nickel, and (sigh!) dime (if those haven't been stopped already...). Debate instead the possibility of a 50 cent or 1/2 dollar coin :) And, fwiw, keep Hamilton and put the chosen woman on the twenty, too.
1
Hello? We've done this, remember? Susan B. Anthony? Flop-a-roo. Nobody used it. People like greenbacks. And, actually, I seldom use cash anymore. But, no metal money.
2
Yes. Because no one actually has to carry them much, and they're pretty. They were magical when I was a child, I'd get one for every little holiday, and I saved them in a fishing tackle box and spent them all on the boardwalk when summer came. It's an ugly year. I'd like a silver dollar in my pocket. Just to remember the old days by. That's a silly, frivolous reason. I like it.
2
YES! and while we're at it, can we please lose the penny?
1
So I spend $1, use a $5 bill and get 4 $1 coins to put where? Not in my wallet, tucked neatly and compactly. Instead I have to carry coins around in my pocket, let them pile up at home, forget to take them with me. Totally impractical for the average person. The hassle won't be worth the theoretical savings.
24
The author is simply flat out wrong, when he states, "The American public is on board." If that were the case, the last attempt to use a $1 coin would not have been a a totally rejected dud. The government tried to make a change by "decree" in people's preferences. Putting it simply, the market rejected it. Perhaps Susan B. Anthony will write her own reply to his piece.
With that kind of non-understanding, Klein's claim for a $13 billion savings as opposed to the G.A.O. $4 billion estimate has no credibility.
With that kind of non-understanding, Klein's claim for a $13 billion savings as opposed to the G.A.O. $4 billion estimate has no credibility.
10
Yes! We already have dollar coins. Let's phase out the useless dollar bill in favor of the dollar coin.
As a regular rider of a commuter bus, I can tell you it takes much less time to drop five coins (four dollar coins and a quarter) into the farebox than to smooth out and insert four dollar bills into the farebox before dropping in a quarter.
As a regular rider of a commuter bus, I can tell you it takes much less time to drop five coins (four dollar coins and a quarter) into the farebox than to smooth out and insert four dollar bills into the farebox before dropping in a quarter.
2
Canada has been using the Loonie (the one dollar coin) since 1987 and the Toonie (the two-dollar coin) since 1996. Also Canada discontinued the production of the penny in 2012.
The advantage of the Loonie and the Toonie coins is that they are estimated to last 20 years. In contrast, the discontinued one and two dollar bills, though less expensive to manufacture, were estimated to last only one year.
While they add more weight to carry around, the coins have the advantages in that they can be used in vending and parking machines whereas before this required the use of lots of small coins.
This would be a step forward in that the US may eventually adopt the metric system and the single-payer health care system and join the rest of the world.
The US is the only country in the world still using the imperial system (miles and gallons) while the rest of the world is using the metric system (kilometres and kilograms).
The US is the only country in the civilized world still using the insurance company based system for health care which is REGRESSIVE to the insured (the insured pays the same rate for the same policy regardless of his/her income). In contrast, Canada, Japan and Western Europe use the single-payer health care system which is PROGRESSIVE to the insured (the insured pays for health care through income taxes.) The single-payer health care system is not perfect, but it works. Also all citizens are insured, with lower administration costs and costs per insured.
The advantage of the Loonie and the Toonie coins is that they are estimated to last 20 years. In contrast, the discontinued one and two dollar bills, though less expensive to manufacture, were estimated to last only one year.
While they add more weight to carry around, the coins have the advantages in that they can be used in vending and parking machines whereas before this required the use of lots of small coins.
This would be a step forward in that the US may eventually adopt the metric system and the single-payer health care system and join the rest of the world.
The US is the only country in the world still using the imperial system (miles and gallons) while the rest of the world is using the metric system (kilometres and kilograms).
The US is the only country in the civilized world still using the insurance company based system for health care which is REGRESSIVE to the insured (the insured pays the same rate for the same policy regardless of his/her income). In contrast, Canada, Japan and Western Europe use the single-payer health care system which is PROGRESSIVE to the insured (the insured pays for health care through income taxes.) The single-payer health care system is not perfect, but it works. Also all citizens are insured, with lower administration costs and costs per insured.
8
Well, Ger - the USA does have the greatest economy in the "Civilized World", so maybe thats why your 77¢ Loonie does not appeal to us. And since your Healthcare system has been paid by your ecologically disasterous Tar Sands and are now on the verge of being worth nothing, I suspect that your PROGRESSION, is becoming REGRESSIVE quickly.
1
Why stop at a one dollar coin? I vote for a $5, $10, $20, and $50 coins as well. They do not buy much anymore, either. I use to get a double-dip ice cream cone for a nickel when I was a school boy. Today a one-dipper is $5. But then, I was born before F. D. Roosevelt confiscated all the gold coins and replaced it with paper.
More important to get rid of the penny.
3
Didn't we try this with the Susan B. Anthony dollar coin? It did not have anyone in favor of to because 1) people were confusing it with a quarter and 2) it was too clumsy/heavy to carry around.
3
Drop the bill, but make the coin about the size of a quarter but make the shape decagonal so it is easily differentiated by touch.
But only go through the trouble if the paper dollar will be removed from circulation
But only go through the trouble if the paper dollar will be removed from circulation
2
I always carry a few gold dollar coins ("Shiny ones, please") and use them for tips whenever it's feasible to do so. Recipients are typically thrilled to get them and think it's their lucky day. Most thank me, would you believe.
And my hairdresser recently informed me that she has kept all those I've given her over the years.
And my hairdresser recently informed me that she has kept all those I've given her over the years.
2
Just make them distinctive in feel from the quarter, otherwise they won't be popular.
Do away with the dollar bill, the high denomination bills, do away with all money.
Return to barter, or use Snickers Bars like at the Rainbow Gatherings.
Return to barter, or use Snickers Bars like at the Rainbow Gatherings.
1
They want to get rid of our $100 bills because the world's central banks don't want people to have the choice of storing $100 bills at home versus their deposits in a bank with negative interest rates.
This is just a step on the way to a cash-free society --- where banks, Visa, etc., make transaction profits and everyone is "forced" into a central bank system with no or negative interest rates. Don't believe the hype about how getting rid of $100 bills will stop terrorists and drug dealers. This argument is disingenuous and ridiculous.
All people making these arguments are employees or former employees of central banks.
This is just a step on the way to a cash-free society --- where banks, Visa, etc., make transaction profits and everyone is "forced" into a central bank system with no or negative interest rates. Don't believe the hype about how getting rid of $100 bills will stop terrorists and drug dealers. This argument is disingenuous and ridiculous.
All people making these arguments are employees or former employees of central banks.
4
And ditch the penny while you're at it.
1
Too heavy. Wallets and pockets are not designed for the load.
2
...citizens of every other major industrialised country would disagree with you...
Australians have been carrying them around for decades, and I can tell you they're a godsend
Australians have been carrying them around for decades, and I can tell you they're a godsend
The only way to make a dollar coin work is to eliminate the dollar bill from circulation quickly. I also agree that the coin should be lighter and accompanied by a two or three dollar coin to reduce pocket and purse bulk.
I suspect that the time is not far off when even small purchases will be routinely done with a card or phone so maybe this is an unnecessary discussion. Even now FedEx/Kinko's copiers use a card for even one ten-cent copy and fast food stores prefer the card as it is faster and eliminates errors.
I suspect that the time is not far off when even small purchases will be routinely done with a card or phone so maybe this is an unnecessary discussion. Even now FedEx/Kinko's copiers use a card for even one ten-cent copy and fast food stores prefer the card as it is faster and eliminates errors.
Eliminating the dollar bill and introducing a dollar coin is a proven and logical step with known and quantifiable cost savings. I say it should have been done years ago; along with the elimination of the penny. Regarding the latter, the very large cost savings and practicality of that step make it a no-brainer. Australia provides the successful example for any uninformed sceptics; including those in our world class Congress.
We have already had the Eisenhower dollar, the Sacagawea dollar, and yhe Susan B. Anthony dollar, as well as Presidential dollars. All made of the current "pot metal" of no intrinsic value. Also, when is the last time you got a half-dollar in change? There are probably billions of these coins in storage somewhere. NOBODY liked them, and they often are confused with quarters. For that matter, when is the last time you got one of them in change? Now, and of course this will never happen, if they were made of silver (!), maybe they would get some interest.
I agree with some of the comments below about weight! It sounds trivial but having a few dollars tucked in a pocket or in the back of your smart phone case is a great convenience - you can't do the same with heavy, thick coins (thinking of the euro here). That said, the savings are pretty impressive - so, what would we DO with all that avoided cost? (It's not really "savings"!)
1
Yes...yes...yes!!! And while we are at it, let's get rid of that other loser...the penny. What is so darn difficult about making this happen? Such a move is long overdue.
YES! $1 and $2 coins are so much more practical. I hate a wad of bills, all the same size and color. They should just do it and not wait for public approval. When given a choice people fear change, but they will get used to it just fine.
US Treasury -- just go for it. But must do 1s and 2s both, at the same time.
US Treasury -- just go for it. But must do 1s and 2s both, at the same time.
The coin has to be DIFFERENT from a quarter. Susan B Anthony dollars; Sacagewea dollars -- both failures because they felt and looked like quarters. Why do the damn fools at Treasury kowtow to vending machine companies too cheap to redesign the coin slot size? How many times do we taxpayers have to pay for the failed experiment of making a quarter-sized dollar coin? Make it a different size, shape and weight. And forget about historical figures or presidents. Put a golden retriever on it. Treasury won't be able to keep them in stock.
1
Every time I return from El Salvador, I have a pocket full of $1.00 coins. I have the impression they have all migrated south of the border since no one wants them up here. I even apologize when I use them up here because I sense that they are quite unpopular.
2
Absolutely a great idea. There are no one-Euro notes, or one-Pound notes. They are coins. Dollar bills wear out too quickly and cost too much to replace. And dump the penny while you're at it.
Don't stop with a $1 coin, also make a $2 coin. €1 and €2 coins in Europe are also great. Why not a $5?
An additional benefit that I noticed while living in Europe was that with these coins it is much easier to give a decent amount of money to the street peddlers and panhandlers - ¢25 or even $1 is often too little to be of any help and $5 is too much in many cases.
An additional benefit that I noticed while living in Europe was that with these coins it is much easier to give a decent amount of money to the street peddlers and panhandlers - ¢25 or even $1 is often too little to be of any help and $5 is too much in many cases.
No one will carry $1 coins but will carry $5 bills. Who carries coins now? I certainly don't want a pocket full of metal. Prices will rise as a natural consequence.
1
Coins are heavy and bulky. They take up too much room in a pocket or a purse.
4
I agree. Someone I know had to tape a dollar bill back together the other day. Plus, there are some dollar coins with women and people of color on them, and none on the dollar bill.
1
This is too sensible to ever happen.
You can support a $ coin for a variety of reasons, but fraud isn't one of them. You'd think an ex-assistant Treasury Secretary would know that no one counterfeits $1 bills.
1
The counterfeiting rationale doesn't hold up; just as easy to counterfeit paper money in a larger denomination. Why didn't the Susan Anthony dollar work? Perhaps because people prefer paper dollars rather than having a bunch of change bouncing in their pockets. Also, when I know I am going to be going into a governmental building, I make a point to avoid metal coins and the like.
2
While we're at it, can we please drop the penny and round everything to the nearest nickel?
... and eliminate the penny.
The one Euro and one Pound coins work just fine and so would the dollar coin. Also, drop the penny and reprogram cash registers to round up, down, and to make even. Keep the five cent piece.
Having lived in Britain for many years, I would oppose this. Coins add weight and take up more room in the wallet.
2
An american version of the loonie, perhaps a twonie will not be far behind. The real question is their proposed size and weight. Something between 6 and 8 grams would work. But remember, we had had other dollar coins before and they were massive failures.
1
They were failures because we left the paper dollar bill in circulation. People resisted change.
This kind of coinage works really well in the eurozone.
is that a joke?
I am moderately opposed because we use East Caribbean Dollar coins and they are heavy when you have 4 or 5 or more of them in your pocket. Perhaps a US dollar coin will be a lighter alloy. Of course, if they are less costly to produce than paper bills and harder to counterfeit, then those advantages may offset weight. Who counterfeits dollar bills?
All for it, but coins seem to only circulate though certain government or quasi-government entities (received lots of Presidential $1 coins from USPS vending machines over the years). The public either needs to more openly embrace the idea or the powers that be just need to "fish or cut bait".
By this, The Times suggests yet another go at doing away with the dollar bill which has twice before been rejected by the public.
3
I totally agree. Its also quite convenient. More significantly it reduces the deemed value of the currency.
Across countries typically coins are associated with lesser value. Where as for larger values they go with the note.
In India for example at one point we had 10 paisa equivalent whcih used to buy me 1 candy. Now there is the 10Rs coin (equal to 100 of those 10p coins). As currency loses value, its typical to keep reducing notes to coins.
The dollar has lost 98% of its purchasing power since 1917. Its time that we start using cheaper paper or coins of steel.
Across countries typically coins are associated with lesser value. Where as for larger values they go with the note.
In India for example at one point we had 10 paisa equivalent whcih used to buy me 1 candy. Now there is the 10Rs coin (equal to 100 of those 10p coins). As currency loses value, its typical to keep reducing notes to coins.
The dollar has lost 98% of its purchasing power since 1917. Its time that we start using cheaper paper or coins of steel.
Drop the penny,nickel and the dollar bill. Either that or give us 1960 prices.
2
Indeed, ditch the $1 bill -- but only if there's a $2 coin as well as a $1 coin to replace it. Else, carrying four $1 coins and a pocket of silver as change for, say, 45 cents, is too bulky. There is much evidence to support this, including the popularity of £1, €1, and C$1 coins, supported by £2, €2, and C$2 coins.
3
Coins only good use has to be wearing out the pockets of men's trousers. No, No more coins. I do not care what the Eurozone likes about them. We are not in the zone so no coins. We do not like the metric, we do not like more cheesy coins
We have this already. If the Susan B. Anthony dollar was going to be a roaring success, we would have seen this by now. Whenever I travel internationally, I dread the thought of my pockets being weighed down with coins. As more and more parking meters, vending machines, etc. begin to accept plastic, this will all start to straighten itself out.
2
they made it the same size as a quarter, practically. that particular iteration of the dollar coin wasn't going to fly.
Yes... yes... yes... get rid of the dollar note and replace it with a coin.
Coins are far easier to use in vending machines (no awkward "in and out" as happens when the note isn't totally pristine) and less likely to get lost.
And as Mr. Klein notes, the savings are significant - a coin is far more durable and stays in circulation years longer than a printed note.
Just please, U.S. Mint, stop doing the "both and" which has spelled failure for several generations of dollar coins. Just stop printing the bills and pull them from circulation as more coins are released.
Coins are far easier to use in vending machines (no awkward "in and out" as happens when the note isn't totally pristine) and less likely to get lost.
And as Mr. Klein notes, the savings are significant - a coin is far more durable and stays in circulation years longer than a printed note.
Just please, U.S. Mint, stop doing the "both and" which has spelled failure for several generations of dollar coins. Just stop printing the bills and pull them from circulation as more coins are released.
12
I agree with readers who complain about the weight of coins. A dollar coin will just add to the weight to be carried around. Having traveled in the Euro Zone, I found it annoying and uncomfortable carrying all those heavy coins. Also, the penny and probably the nickle could be eliminated.
2
I don't see the need to debate this issue. $130,000,000-$430,000,000 in annual savings tot the taxpayers?? Do what's right, and do away with the wasteful paper $1. What's the risk? Will people revolt? No, they'll adapt. Money is money, regardless of the form.
3
how would you feel carrying around 10 or so gigantic coins with you (instead of 10 pieces of paper that can fit in a wallet)?
2
I like cash. No bank is charging me or the shop owner 1-3% for use of a credit card. Cash one might say, is free. The drawback of cash is the danger of being robbed. Crime is down. In Japan, a high tech, smart phone country, uses cash for almost all transactions. They also don't have checks. Just cash. There is virtually no street crime in Japan. Criminals prefer the boardroom there. Cash is efficient. No solicitations form the Treasury Department to get a new fancy credit card to get me in over my head in debt. Cash is real, well almost as real as gold, and does not lend itself to "buy now, pay later".
I prefer the dollar coin, about quarter size, shrink the quarter, eliminate the penny, and introduce a $3 bill. Cuba has a 3 peso bill and it is quite convenient. The $2 bill was too small to be useful. Also, reintroduce a larger bill. The $100 bill is fine for day to day use but too small for buying a used car or many items on Craigslist.
Cash is good. Use it.
Cash is
I prefer the dollar coin, about quarter size, shrink the quarter, eliminate the penny, and introduce a $3 bill. Cuba has a 3 peso bill and it is quite convenient. The $2 bill was too small to be useful. Also, reintroduce a larger bill. The $100 bill is fine for day to day use but too small for buying a used car or many items on Craigslist.
Cash is good. Use it.
Cash is
2
I spend half my time in the UK and the £1 coin is a pain. You end up with a ton of them in your pocket and it's a pain to drag around. Forget it. Besides, fewer and fewer people even use cash these days. Leave the $1 alone.
8
The amount of change I lose? You've gotta be kidding.
3
We should adopt a dollar coin, maybe the size of the old 50 cent piece. And we should scrap pennies and nickels altogether as worthless.
2
My objections are to the weight of coins and to the damage they cause to pockets and handbags.Travel in Europe or Canada requires a fair amount of brute strength and separate carryalls for the money. I vote no.
6
There's absolutely no reason that you should need paper money to buy a quart of milk, a loaf of bread or a newspaper. Coins are for that. Pizza too.
Most of us don't typically carry a lot of cash anymore, but if you travel to the EU, you know a pocket full of euros can get kind of heavy.
So maybe it depends on what the dollar coin is made of – could it be thin as a dime, but larger than a 25-cent piece, and tinted gold or something else easily distinguishable?
So maybe it depends on what the dollar coin is made of – could it be thin as a dime, but larger than a 25-cent piece, and tinted gold or something else easily distinguishable?
Long overdue, but change the shape. Previous dollar coins too similar to quarters. Make a thicker coin that canno be confused, like Brit pound
Coin.
Coin.
3
Replace the bill with a renewable resource not a heavy coin. Better yet a plastic card like those used in Casinos.
I use a credit card for 99% of my transactions anyway so cash has become irrelevant for me. One of my main uses of cash is paying the toll booth, which happens to be $1, so a coin would work nicely.
My recommendation:
- Replace $1 bill with the coin
- Increase printing of the $2 bill
- Get rid of the penny
My recommendation:
- Replace $1 bill with the coin
- Increase printing of the $2 bill
- Get rid of the penny
1
I mainly use cash to give my kids an allowance. I rarely need to spend it myself. So coins, bills, whatever...
I spend a lot of time in Panama where they added, 2 years ago, a $1 coin while also using a paper dollar. Nobody wants the coin. As I stand in the grocery check out I hear the customers heap scorn on the cashier if they try to hand out the coin as change. Personally I do like the wight in my pocket.
2
While there are other countries that have coins for one dollar, or even two dollars (as denominated in their local currency), I believe we should do away with most coins altogether. People have to admit they do not like carrying around any amount of coins, regardless of their denomination. The US should phase out pennies and nickels and all prices for products less than a dollar should be rounded to the nearest $.10 cent (if paying in cash or coin) or remain the existing price if paying via cashless source (card, apple/samsung pay, etc.)
With more and more cashless ways to pay, we shouldn't continue to use the "stone age" currency of coins
With more and more cashless ways to pay, we shouldn't continue to use the "stone age" currency of coins
2
Canada uses coins for one and two dollars. No need to do any research. It works great and saves money. Why are we so reluctant in this country to admit that other countries do make better decisions in some circumstances.
2
I have a home in both the US and Canada. I HATE the coins. they weigh my bag down constantly. I say NO to the dollar coins here.
Hey, I thought we were close to a cashless economy!
About those alleged savings from coins: I think they mean the US Govt would save some money, while the rest of us would pay for it with inconvenience.
Coins are heavy and clumsy by comparison with bills. Even now, I rarely use cash, just credit cards for routine transactions. But I do carry some cash, neatly in my wallet. When I get coins in change, I leave them at home, and eventually deposit them at the bank.
I'd rather keep bills, and perhaps eliminate the penny.
About those alleged savings from coins: I think they mean the US Govt would save some money, while the rest of us would pay for it with inconvenience.
Coins are heavy and clumsy by comparison with bills. Even now, I rarely use cash, just credit cards for routine transactions. But I do carry some cash, neatly in my wallet. When I get coins in change, I leave them at home, and eventually deposit them at the bank.
I'd rather keep bills, and perhaps eliminate the penny.
3
A good idea purely in theory, but persistent clanging of change is not something I enjoy while walking along. The benefit of this for the retail and casual restaurant worker: I will almost always say "Please, please, please keep the change." The benefit for the credit/debit card industry: I will use their products even more than before.
1
I never use coins in the US. They are worthless. However, I love using coins in Europe. If you have a couple of 2 Euro coins in your pocket it is enough for a beer - at least in Central Europe!
No I dont agree. I don't like carrying change. Why would I want to carry around a bunch of heavy coins in my pocket? Please get rid of nickels and pennies if anything.
3
A side benefit when Canada switched to the $1 and $2 coins was that the street beggars suddenly took me n way more money. Who knew.
I have lived in Canada for thirty years, and have seen the demise of the paper dollar. We even have a two dollar coin. It makes for very heavy pockets when you get back close to five dollars in change.
I long for the paper dollar.
I long for the paper dollar.
6
Heavens! A $1 coin is so overdue! (And we might also think about retiring pennies and perhaps also nickels.) It's absurd that the coin with the highest value one can use in a vending machine is worth 25 cents!
1
We had/have $1 coins a few years back. The presidential coins were a complete flop. They were not that pretty and they were heavy and clunky. It might work, I suppose, it was just poorly executed
1
How will the U.S. government print coins when in the process of bailing-out the banks once again? What will happen to the "printing presses"?
I'll certainly miss the audacity of the feds creating an unlimited supply of paper money at no cost to the private sector while ensuring that the public sector swallows the risk premium.
I'll take my cash in bit coins, thank you very much!
I'll certainly miss the audacity of the feds creating an unlimited supply of paper money at no cost to the private sector while ensuring that the public sector swallows the risk premium.
I'll take my cash in bit coins, thank you very much!
I live in Denmark at the moment, and from a purely egotistical point of view I want to attest to the constant heaviness of having those coins in my wallet/bag! We have coins for 1, 2 and 3 dollars (roughly speaking, based on currency conversion), and you always end up with a bunch of them that you have to carry around until you make a purchase that approximates the amount of coins in your wallet. But it seems as soon as you get rid of most of them, you make a purchase that again adds coins to your wallet! And this happens even though I primarily use debit card for my purchases. Me? I love the flatness and light weight of the American notes.
5
Absolutely get rid of paper dollars! But I agree with skanik - the coins should be more like the old silver dollar because they are very frequently confused with quarters. I've often wondered if that was a deliberate design flaw? The Brits complained about the "quid" being an ugly coin, but it's totally distinguishable by its weight - we could do the same.
And while we're at it, ditch the penny!
And while we're at it, ditch the penny!
1
A dollar coin would wear out my pockets. No savings there! A paper bill fits in my wallet with other bills and weighs little.
3
I'm not sure how Mr. Klein determined that "the American public is on board." The U.S. Mint has released dollar coin after dollar coin, and so many billions are sitting in their vaults that Congress finally said enough is enough; mint them for collectors only, not for general circulation. Counterfeit dollar bills aren't a problem either. But if the government wants to save some money, print polymer currency like they do in Canada. It lasts longer, looks better and is virtually impossible to fake.
5
And how many billions in wasted time would this cost as travelers--who might have a few dozen coins for tips and incidentals--- and visitors to secure buildings, etc unload a few pounds of coins from their pockets during screenings? This is truly an asinine idea, dreamt up by a former federal official accustomed to private jet travel and wave-throughs at checkpoints the rest of us have to half undress for..
3
Yes, just design a coin that doesn't look misleadingly like a quarter, which is what sunk Sacajawea.
The Sakajawea was gold-colored, thicker, larger, and had multiple sides (not smooth round). Nothing like a quarter. People just don't want to change generations of tradition.
The idea of a dollar coin is great, but the people in charge set it up to fail from the very beginning.
It doesn't take a genius to make a dollar coin that cannot be mistaken for a quarter, but lo and behold, that is exactly what was done.
Make a NEW dollar coin that cannot be mistaken for another coin.
It's that simple.
It doesn't take a genius to make a dollar coin that cannot be mistaken for a quarter, but lo and behold, that is exactly what was done.
Make a NEW dollar coin that cannot be mistaken for another coin.
It's that simple.
2
Only if the dollar coin is no larger than a nickel or a dime. There is an urge to make the dollar coin larger than the others and it just makes it unwieldy in your pocket.
1
Long overdue, should have been done years ago. Do two things: drop the penny, add the dollar coin. And might as well drop the half-dollar coin too, who ever sees one of those dinosaurs.
One major proviso. Don't make another dollar coin that is so similar to a quarter that it takes a couple of close looks to tell them apart. That's one of the big reasons that the earlier attempts failed. (The other being that the paper dollar wasn't removed at the same time).
One major proviso. Don't make another dollar coin that is so similar to a quarter that it takes a couple of close looks to tell them apart. That's one of the big reasons that the earlier attempts failed. (The other being that the paper dollar wasn't removed at the same time).
1
We need to re-introduce the $1000 bill. Cash is how private citizens can gain leverage over deflation and negative interest rates. (It is long overdue to get rid of the penny, the nickel and the dollar bill.}
Canada, UK, Europe, Australia, NZ all have $1 coins. I especially appreciate the Canadians, they put an image of loon taking off and so everyone calls the coin a "Looney" and the $2 coin a "Tooney". Reminds me that the $5 $10 and $20 gold US coins all had beautiful eagles on the backside and the vernacular was to call them a "half-eagle", an "eagle" and a "double eagle."
I see no issue with a $1 and a $2 coins. Coins last longer and in the end save money on the minting costs, too. Oh no, that's sensible. Won't happen.
I see no issue with a $1 and a $2 coins. Coins last longer and in the end save money on the minting costs, too. Oh no, that's sensible. Won't happen.
1
When the dollar coin was available, the only place where I saw it used in my travels was Washington D.C. The coin was amazingly useful for the Metro and vending machines. The scanners may be better now, but we can all remember trying to flatten a bill to allow the bill to be accepted.
As far as Larry Summers' idea to eliminate the $100 bill, why don't we do what every country in Europe has done which is to change the color and size of each denomination. The resulting exchange of bills would put enormous pressure on illegal and cash dependent drug operations.
As far as Larry Summers' idea to eliminate the $100 bill, why don't we do what every country in Europe has done which is to change the color and size of each denomination. The resulting exchange of bills would put enormous pressure on illegal and cash dependent drug operations.
1
Yes to the dollar coin. And while you are at it, please make it the "women's" coin. I and my daughters and my students need to see women's images on our currency.
Start with Rosa Parks and go from there.......
Start with Rosa Parks and go from there.......
1
This is a good idea, but only if they are small and made of plastic. Metal coins are clunky and everyone hates them.
The dollar coin must be designed so it is not easily misidentified as a quarter. We should get rid of the penny, and make the dollar coin the same weight as the penny. Then those worried about the weight of coins in their pockets will have less to worry about.
Simple solution to get the coin accepted and reform some other monetary symbols.
1. Put Washington on the $1 coin. He'll give it legitimacy.
2. Take Washington off the quarter.
3. Take Andrew Jackson of the $20 bill and put him on the quarter. People who hate him will be happy about his demotion. For the people who like him, please remember that he hated banks and would have hated being on a federal reserve note.
4. $20 bill. I have two candidates. Susan B. Anthony to symbolize the enfranchisement of half the population. Or Frederick Douglass, an escaped slave who fought for civil rights (and who would look really cool).
1. Put Washington on the $1 coin. He'll give it legitimacy.
2. Take Washington off the quarter.
3. Take Andrew Jackson of the $20 bill and put him on the quarter. People who hate him will be happy about his demotion. For the people who like him, please remember that he hated banks and would have hated being on a federal reserve note.
4. $20 bill. I have two candidates. Susan B. Anthony to symbolize the enfranchisement of half the population. Or Frederick Douglass, an escaped slave who fought for civil rights (and who would look really cool).
1
Why not eliminate all coins and paper bills? Think of that savings not to mention armed robberies being a thing of the past. The use of debit/credit cards and point-of-sale transactions (Apple Pay/Master Pay) have virtually done away with the need to carry cash.
1
Dollar bills are light weight, easily slipped into jacket pockets, fold into purses in ways that are easy to find, and save taxpayers billions by not wearing holes in pants pockets.
2
Why do we still have a $1 bill? Influence peddling / lack of campaign reform. One family business, Crane (Dalton, MA) prints our currency. Separate the Crane's donations from politicians and there will be less / no pushback from congress to adopt the $1 coin. Another in a long list of why & how taxpayer money is wasted.
2
Australia converted the $1 and $2 dollar notes to coins and got rid of the 1 and 2 cent coins. The size of the coins matters when it comes to change you carry in your purse or pockets.
1
Actually, I do not understand why we continue to use currency (i.e., paper money) for most low-value transactions. Instead of "bills", why do we not have some form of plastic cards with embossed surfaces (smaller than credit cards, lighter weight than coins). Paper money wears out within a year or two, is easily damaged and is readily counterfeited (maybe not in the U.S., but in other places where U.S. money is used a good deal). Isn't there anything else we could use for legal tender?
1
My son and family live in Canada and I really dislike the $1 and $2 coins. I generally do not spend coins; I dislike looking through a handful to get the correct amount. So my pocket fills up with an unwieldy collection when I am in Canada.
Even if you do spend coins you will find that after shopping at several stores in the US you have a bit less than $1 in coins. In Canada you will have somewhat less than $5 in coins.
How much would we save by discarding the penny and the nickle and eliminating the hundredths place altogether? We could reduce coinage to dimes and half-dollars only. Prices would read $1.5 or $2.3, etc. Less weight in you pocket.
Even if you do spend coins you will find that after shopping at several stores in the US you have a bit less than $1 in coins. In Canada you will have somewhat less than $5 in coins.
How much would we save by discarding the penny and the nickle and eliminating the hundredths place altogether? We could reduce coinage to dimes and half-dollars only. Prices would read $1.5 or $2.3, etc. Less weight in you pocket.
2
While I'd really like to have a dollar coin, it's not very important, since I rarely use cash. It's 2016 (I have to say that a lot), and paper money is an artifact of yesteryear.
We here in Canada have the $1 coin and the $2 coin. Humourosly, we the people nicknamed the $1 coin the Loonie (a Loon is on the face of the coin) and, for want of a better name, the $2 coin a Twonie. They work just fine. I am so pleased not having to scrunch paper (or plastic!) bills into my wallet, or fishing for the one I need out of my wallet. And, yes, the savings to government are available to meet social-economic priorities.
I guess I am just naturally suspicious. But, I think anyone who wishes to switch to a dollar coin has undisclosed motives. I see no benefit to the consumer, only the sellers of products who can "round" up their less-than-a-dollar prices. Follow the money, and you may discover the motives behind this idea.
1
There is no major country in the world that has a dollar bill, just stop printing them and people will use the coin. Most countries don't ask they just do it.
Keep the hundred dollar bill, I use it a lot-yes criminals use them but the use twenties to. They are convenient for large transactions especially for small businesses.
Keep the hundred dollar bill, I use it a lot-yes criminals use them but the use twenties to. They are convenient for large transactions especially for small businesses.
6
I wish we could bring back the Silver Dollar as:
a) It was a beautiful and large coin.
b) It made you feel rich having in your pocket as a child.
c) My Uncle Oscar taught me how to flip in such a way that I could
win about 85 % of bets based on "Heads or Tails".
a) It was a beautiful and large coin.
b) It made you feel rich having in your pocket as a child.
c) My Uncle Oscar taught me how to flip in such a way that I could
win about 85 % of bets based on "Heads or Tails".
13
You can still get silver dollars at coin dealers. They will cost about $20 each (around $15 for the silver and $5 markup.) Costs will change with the market price of silver, but they are still beautiful
HI Ken,
Thank You for that information.
Maybe it could come back as a 20 dollar coin !
Thank You for that information.
Maybe it could come back as a 20 dollar coin !
Americans have only rejected the use of dollar coins because they're accustomed to paper dollars, and those paper dollars persist in circulation. As we phase out the paper dollar, people will accept the dollar coins.
And really, who uses cash much these days anyway?
And really, who uses cash much these days anyway?
9
Actually the Susan B. Anthony coin was rejected not because it was a coin, but because of the person represented. Why the Treasury thought a thumb-in-your-eye feminist was a good idea is beyond me. If the head of the coin has to be a woman, why not one who's recognized a being one of the founders ( I dare not say 'founding fathers'), and is to acceptable to most everyone? How about Abigail Adams?
The dollar coin has failed in america due to poor execution. It works very well with other major currencies like the euro, GBP, SFR and YEN. Why? Becsue the coins are small diameter, a little thicker than other coins and light weight. The US mint should try what has worked for other currencies.
10
In El Salvador, which adopted US currency in 2011, people use our dollar coins almost exclusively. They will look at you funny if you hand over a dollar bill you brought from the US - I now go to the bank and ask for rolls of coins before each trip I make down there.
They seem to like it just fine, and people tend to carry a lot more dollar coins than we would ever carry here due to differences in prices.
They seem to like it just fine, and people tend to carry a lot more dollar coins than we would ever carry here due to differences in prices.
Let's stop re-thinking our currency on a piecemeal basis. Coins are heavy and noisy in your pockets, and counterfeiting the higher-denomination paper is a problem too. Wouldn't it be better to come up with a comprehensive solution that solves problems of weight, counterfeiting, and theft? As the world becomes more electronically sophisticated maybe someday we can eliminate physical currency altogether.
2
"As the world becomes more electronically sophisticated maybe someday we can eliminate physical currency altogether."
...and eliminate our freedom at the push of a button. No?
...and eliminate our freedom at the push of a button. No?
2
I live in NYC and I usually take even quarters and all odd coins out of my bag to cut down on the weight I carry while walking. I'd hate to see dollar coins replace bills.
14
In Canada we have done both. Coined the $1 and $2 bill and eliminated the penny. I am for eliminating the 5 cent piece as well. Carrying around the extra change is no bother. Go for it!
10
was just going to post the same thing...really, pennies?...next to worthless...and, yes, I'd eliminate nickles as well...
Yes get rid of the paper dollar. Get rid of the penny.
10
Definitely drop the Dollar Bill. It's ridiculous. The rest of the world uses a coin for that rough value. It's time for the US to catch up.
The coin needs to be noticeably different from the quarter. The Sacagawea Golden Dollar is great - and anybody who uses vending machines or bill changers gets them all the time.
And once we get rid of the Dollar Bill, it will be time to get rid of the penny, a completely useless coin denomination.
The coin needs to be noticeably different from the quarter. The Sacagawea Golden Dollar is great - and anybody who uses vending machines or bill changers gets them all the time.
And once we get rid of the Dollar Bill, it will be time to get rid of the penny, a completely useless coin denomination.
22
If vending machine mfgrs are smart, they'll start right now switching over to credit card chip readers.
Instead, get rid of the penny. What a waste of metal and space. We used to go to a video rental store in Arizona that charged $1.88 plus $0.12 tax. $2.00 even. Retailers can handle this. Machines can calculate what to charge to end up with a round amount, either up a bit or down a bit. Dollar coins have not done well.
3
Dollar coins have not done well because they kept the dollar bill in circulation. We would save a tremendous amount of money by getting rid of the bills that only last one to two years, and using the coin, they last forever! Britain, Canada, New Zealand, Australia, the Euro, all come only in coins.
1
The US Treasury right now has well over one billion one dollar coins in storage and every year they mint more. This is because they are mandated by congress to do so. Why are they there? Because in spite of several attempts to make us use them nobody wants them.
Every other industrialized uses coins for denominations around one dollar why not the US? Because we are funny that way. For example, the only other country besides the US not to use the metric system is Saudi Arabia. And how many other industrialized countries allow folks to walk around carrying handguns?
Every other industrialized uses coins for denominations around one dollar why not the US? Because we are funny that way. For example, the only other country besides the US not to use the metric system is Saudi Arabia. And how many other industrialized countries allow folks to walk around carrying handguns?
2
I like them but rarely get them in a transaction. And when I use them in a purchase, I get a funny look from the vendor. That's here in the US. In other countries they are just currency. Of course other countries have also adopted the metric system and for some reason the US seems incapable of making the switch.....
1
We should, of course switch to a $1.00 coin and add a $2.00 coin as well, so that we can save the bother and expense of having to reprint singles every 18 months. This works well for the Canadians and the Europeans. It will only succeed, however if the paper version is not an option.
Granted, the past attempts have not been successful, because it is hard to try something new, and the Susan B and Sacajawea were not substantial in weight.
Among the benefits are the ability to make change quicker, to use in vending, parking meters and other coin operations.
We should do what is practical and what is economically efficent, rather than hang onto old technology for the sake of habit.
Afterall, what does a dollar buy today anyhow?
Granted, the past attempts have not been successful, because it is hard to try something new, and the Susan B and Sacajawea were not substantial in weight.
Among the benefits are the ability to make change quicker, to use in vending, parking meters and other coin operations.
We should do what is practical and what is economically efficent, rather than hang onto old technology for the sake of habit.
Afterall, what does a dollar buy today anyhow?
11
Once the people at doors who don't accept "change" as money for their "cover fee" get over the fact that coins are money, why not.
1
NO! Coins cause wear spots on jeans and any slacks that are not very loose. We already have too many coins.
I used to find it funny that wealthy people like Forbes advocated dollar coin. They probably get a whole new wardrobe every few months. No need to worry about wear spots.
I used to find it funny that wealthy people like Forbes advocated dollar coin. They probably get a whole new wardrobe every few months. No need to worry about wear spots.
5
several things SHOULD be done with our coinage and currency.
the cent should be eliminated (sorry illinois). it cost more than a cent to manufacture. the treasury LOSES money on each one they make. switzerland did away with theirs in the early 70's. for each transaction that ended in 1 or 2 cents they rounded DOWN and those ending in 3 or 4 cents they rounded UP. 6 or 7 down, 8 or 9 up. are we less capable than the swiss?
the nickel also costs more than 5 cents to make. it needs to be redesigned to cost less. the treasury is fully permitted under the law to do so, but there is no political will. the vending machine lobby is too strong. they don't want to do the work to have machines recognize one more coin than they currently do. in france before the euro conversion there were multiple versions of almost every coin denomination, totaling about a dozen yet their machines recognized them all. are we less capable than the french?
the 2 main reasons the anthony and sacagewa coins failed are 1- bad design (as others have mentioned) and 2- making their use optional. the treasury SHOULD have shredded two $1 bills for every $1 coin minted. it would have forced people to use them.
and to those who believe that we are headed to a cashless society anyway and that all this is moot, don't bet on it. there are plenty of americans who for whatever reasons (some legal, others not so much), won't be giving up their cash anytime soon.
the cent should be eliminated (sorry illinois). it cost more than a cent to manufacture. the treasury LOSES money on each one they make. switzerland did away with theirs in the early 70's. for each transaction that ended in 1 or 2 cents they rounded DOWN and those ending in 3 or 4 cents they rounded UP. 6 or 7 down, 8 or 9 up. are we less capable than the swiss?
the nickel also costs more than 5 cents to make. it needs to be redesigned to cost less. the treasury is fully permitted under the law to do so, but there is no political will. the vending machine lobby is too strong. they don't want to do the work to have machines recognize one more coin than they currently do. in france before the euro conversion there were multiple versions of almost every coin denomination, totaling about a dozen yet their machines recognized them all. are we less capable than the french?
the 2 main reasons the anthony and sacagewa coins failed are 1- bad design (as others have mentioned) and 2- making their use optional. the treasury SHOULD have shredded two $1 bills for every $1 coin minted. it would have forced people to use them.
and to those who believe that we are headed to a cashless society anyway and that all this is moot, don't bet on it. there are plenty of americans who for whatever reasons (some legal, others not so much), won't be giving up their cash anytime soon.
6
Speaking of Switzerland, and Japan for that matter, their smallest bills are $10. They use $5 coins too.
The Sacajawea dollar coin was rolled out with a lot of marketing and advertising from the government to get us on board. Why didn't they just replace every retired paper dollar with a Sacajawea coin? Why did they need our permission? We should have been given more credit for our ability to adapt.
9
Yes, absolutely. This is long overdue. Also get rid of the penny.
9
The Constitution says all money should be coined, and the Coinage Act supplies the proper metallic contents. QED.
2
Coins??? I barely use paper money or coins anymore! Mr. Klein's argument for this doesn't make any sense. We already have currency reform: It's called stop using currency! The dollar coin has been available for decades and has NEVER caught on. What idiot would ever waste time counterfeiting a dollar bill? So now the proposal is to cram these anachronistic ducats into our pockets! I predict it goes nowhere.
4
Coins are too heavy.
5
It's all about weight! for me. Try keeping more than 4 quarters in your wallet!
8
I don't enjoy dealing with lots of change. Bills fit in my wallet. Coins always seem to fall on the floor.
8
From the standpoint of people who wear pants, a large, heavy coin is more likely to wear out ones pockets. The same can't be said for a a paper dollar in the wallet, or folded up and stuffed into the pocket of your jeans.
I spent 45 years in the graphic arts business, and I fail to see how a struck metal coin could be produced more cheaply than a paper one, even with the Treasury's "SECRET" paper. Those bills, by the way as you can see from the photo, are printed on very large sheets then cut apart. That makes for a great deal of production savings. Coins, as I understand the process, are stamped out one at a time and are heavier than paper. Consider the increase in transportation costs.
I spent 45 years in the graphic arts business, and I fail to see how a struck metal coin could be produced more cheaply than a paper one, even with the Treasury's "SECRET" paper. Those bills, by the way as you can see from the photo, are printed on very large sheets then cut apart. That makes for a great deal of production savings. Coins, as I understand the process, are stamped out one at a time and are heavier than paper. Consider the increase in transportation costs.
4
So tell me, Aaron, how does an appreciative patron stick a coin dollar or two in the garter of a talented young dancer who is wearing nothing but the garter?
4
I imagine the talented young dancer would happily accept a five dollar bill in her garter. LarryAt27N would probably want to be more discriminating in deciding which talented young dancers are rewarded for their efforts. This in turn would improve the quality of talented young dancers.
Exactly, cheapskate!
Of course we should have a dollar coin. I use the ones available now when I can get them. I have never understood why the Treasury did not simply withdraw the dollar bill when they issued the dollar coins.
After all, do we need a paper bill for a 1950 ten cent piece?
(from measuringworth.com)
If you want to compare the value of a $1.00 Commodity in 2014 there are four choices. In 1950 the relative:
real price of that commodity is $0.10
real value of that commodity is $0.07
labor value of that commodity is $0.06 (using the unskilled wage) or $0.05 (using production worker compensation)
income value of that commodity is $0.04
After all, do we need a paper bill for a 1950 ten cent piece?
(from measuringworth.com)
If you want to compare the value of a $1.00 Commodity in 2014 there are four choices. In 1950 the relative:
real price of that commodity is $0.10
real value of that commodity is $0.07
labor value of that commodity is $0.06 (using the unskilled wage) or $0.05 (using production worker compensation)
income value of that commodity is $0.04
1
I'd rather see the penny retired.
4
We already tried this twice, and both times, it looked like the plans were designed to fail--WHY make a dollar coin that is pretty much the EXACT same size as a quarter? Is it to avoid retrofitting vending machines?
For a dollar coin to succeed, it would have to be a radically different size, maybe even shape. I LOVE The UK 50p pieces--oddly edgy and BIG. Heck, make gold-tone pentagonal coins in the likeness of the Pentagon or something.
For a dollar coin to succeed, it would have to be a radically different size, maybe even shape. I LOVE The UK 50p pieces--oddly edgy and BIG. Heck, make gold-tone pentagonal coins in the likeness of the Pentagon or something.
2
Ever since visiting Canada in the early '90s I though the Loonie and the Toonie were genius. I just visited New Zealand and they too have $1 and $2 coins. Make the switch and get rid of the penny for crying out loud!
1
We have a $1 and $2 coins in Canada. Because of inflation and the fact that a dollar doesn't buy as much as it used to, this makes sense. Coins are heavier than bills, but they are much more durable and one never has too many at one time anyway.
True, you can't 'make it rain' dollar coins but if you're making it rain dollar bills, it's just an attempt to look wealthy when you are not. Use $5 bills to downpour, at a minimum. :)
We also got rid of the penny which was the best move ever. I hated pennies...
True, you can't 'make it rain' dollar coins but if you're making it rain dollar bills, it's just an attempt to look wealthy when you are not. Use $5 bills to downpour, at a minimum. :)
We also got rid of the penny which was the best move ever. I hated pennies...
1
dollar bills are bad enough, having 12 dollars in coins is simply too annoying, my pants might fall down on account of the weight and you wouldn't want to have that happen...
1
If you try to tip with dollar coins, it's best to let the other person know, or he'll think you gave him a couple of quarters.
1
Most vending machines already take dollar coins, as well as tollway lanes and parking meters. I find them immensely convenient in the Chicago area (where parking on the street for a couple hours can run you $4) - four of those is a lot easier to use than 16 quarters. Also your parking apps won't let you feed the meter past 2 hours and will force you to move your car - I don't have that problem when I use coins
1
We need to get rid of pennies, nickels and quarters. Keep the dimes which are small and light weight, get a good dollar that is the size of a quarter. We probably do not really need a two dollar anything.
I personally use little cash. I charge as much as possible, pay off every card before it is even do, and take about $200 per month out of my checking account using an ATM. I can afford to do that now. There was a time when I managed very little money all in cash. I used envelopes to sort my little budget accounts. My husband joked that he had 50 cents a week to spend anyway he pleased. Ha ha. The good old days are gone.
Get rid of the penny. the nickel and the quarter.
I personally use little cash. I charge as much as possible, pay off every card before it is even do, and take about $200 per month out of my checking account using an ATM. I can afford to do that now. There was a time when I managed very little money all in cash. I used envelopes to sort my little budget accounts. My husband joked that he had 50 cents a week to spend anyway he pleased. Ha ha. The good old days are gone.
Get rid of the penny. the nickel and the quarter.
1
Dollar coins have been totally unworkable so far -- why should that be any different now? Heavy, clunky, easily confused with quarters, and you can't put them in your wallet very easily. The article notes that coins are hard to counterfeit -- but who bothers to make fake $1 bills? Not a good reason to make the substitution. Plus, the cost and disruption of reconfiguring all the vending machines, etc. No, thank you.
1
No way - I can't afford to unwittingly lose $4+ every time I lay down on the couch instead of 67 cents!
2
Just change it, recall all of the paper $1 bills, and be done. The public will adapt because they HAVE TO. Treasury Dept needs to stop worrying about whether the American people will "accept" the dollar coin, put on their "big boy/girl pants" and deal with it.
1
AARON KLEIN Washington, former deputy assistant secretary of the Treasury (2009-2013) and a consultant to the Dollar Coin Alliance.
Mr Klein:
1] two-thirds of the comments do NOT agree with you and the notion that the American public is on board with you is pure hype, born in your head.
2] we are entitled to know how much the Dollar Coin Alliance paid you for you consultation work. The Dollar Coin Alliance is a coalition of American small businesses, mass transit agencies, budget watchdogs, trade associations and private companies.
Mr Klein:
1] two-thirds of the comments do NOT agree with you and the notion that the American public is on board with you is pure hype, born in your head.
2] we are entitled to know how much the Dollar Coin Alliance paid you for you consultation work. The Dollar Coin Alliance is a coalition of American small businesses, mass transit agencies, budget watchdogs, trade associations and private companies.
1
I am quite surprised by the number of commentators who believe that the Susan B. Anthony dollar was the last dollar coin the US produced. Yes, it was too close in size and feel to the quarter, but it hasn't been minted since 1981.
Since the year 2000 the US mint has been producing Sacagawea and Presidential dollars with a gold color and a smooth edge that are easily distinguished from quarters by look and feel. I don't believe that Americans have rejected them so much as they have barely been exposed to them. I don't recall ever having received a dollar coin from a cashier, and only rarely in change from a vending machine.
Since the year 2000 the US mint has been producing Sacagawea and Presidential dollars with a gold color and a smooth edge that are easily distinguished from quarters by look and feel. I don't believe that Americans have rejected them so much as they have barely been exposed to them. I don't recall ever having received a dollar coin from a cashier, and only rarely in change from a vending machine.
5
Yes, we should do this. I've used dollar coins, shekels, euros in other countries and it works well. A two dollar one would be a fine idea as well.
2
We have three recent fails on dollar coins, Susan B. Anthony, Sacagawea, and assorted dead presidents. They fail because people dislike them, and people dislike them because you can't tell them from quarters unless you look at them. The public has already voted this one down.
2
I don't see any future for 1$ coins. The paper money works fine, and COINS are metal, requiring mining, smelting, and a whole list of ecologically unfriendly things. Making paper probably is not as bad for the earth as making metals. and besides that, someone must have STOCK in then mining industry to want to suggest this change. Sweden is doing away with money as I write and with all sorts of "pay schemes" this can only mean someone has a special interest here that DOESN"T work for the public at large. NO THANKS.
AS A FREQUENT VISITOR TO Canada, I love THE LOONIE, Canada's DOLLAR COIN. It doesn't get torn, its lovely and I always have a few Loonies on hand in my wallet ready for the next trip. The secret is in how its implemented. Roll out the $1 coin and immediately REMOVE the paper dollars. Make sure the coin does not resemble a quarter and you're all set.
3
Absolutely. Get on with it. Want it to be a success? Withdraw the $1 bill from circulation.
3
Hey, I'm middle class retired! I've got no money to carry.
2
I agree with the idea of a dollar coin. To make it work, the bill must be eliminated.
3
So you would have multiple coins in your pocket, always an annoyance.
A bad idea, just like the Susan B. Anthony dollar, which had the picture of a woman on it, or the Kennedy half-dollar.
Bring back the two dollar bill with Jefferson on it.
A bad idea, just like the Susan B. Anthony dollar, which had the picture of a woman on it, or the Kennedy half-dollar.
Bring back the two dollar bill with Jefferson on it.
1
Wrong denomination to eliminate just yet. Start with the penny first, which collects in my pocket and empties into a cup on my dresser almost never to be used again.
Dollars are easy to store in one's wallet. I've used coinage for one and two dollars in my travels in Canada and have to say they are a bit harder on the pocket and to handle than paper (or in Canad's case mylar) currency.
They do, however, get used more frequently than a penny so they don't remain too long in my pocket.
Dollars are easy to store in one's wallet. I've used coinage for one and two dollars in my travels in Canada and have to say they are a bit harder on the pocket and to handle than paper (or in Canad's case mylar) currency.
They do, however, get used more frequently than a penny so they don't remain too long in my pocket.
2
Yes, let's do it. And get rid of the penny while we are at it.
3
You can carry 12 one dollars bills in your pocket or wallet and they're so light you wouldn't even know it. Who wants to carry 12 one dollar coins in your pocket?
1
In addition to getting rid of the dollar bill, how about getting rid of pennies, dimes and nickels?
2
The Susan B Anthony dollar coin never caught on. And I don't think I have ever seen a Sacagawea Golden Dollar Coin in the wide. People like their paper dollars.
5
Yes, but they were flawed design (too easily confused with a quarter). The Canadian $1 and $2 coins, for example, cannot be mistaken for anything else
Design your "high value coins" better and you may be pleasantly surprised.
Design your "high value coins" better and you may be pleasantly surprised.
1
I think this has been done and each time they mint a coin close to the size of a quarter and the public rejects it. With such a record there is a fair chance the same thing will happen again.
2
I live in Italy. It has the euro for it's currency. There are one and two euro coins. No bills. The coins are fantastic. Very practical and very beautiful. When I go back to the US, I am taken aback by the antiquated look of the greenback. I understand what is's all about. But put a woman on the $20 and replace the one dollar bill with a coin (I know, I know, vending machines will have to change etc). And maybe even add a two dollar coin. Just saying.
2
I'm with you...
1
changing money format is a BUSINESS decision, not something that will benefit the general public. Yes, I have forgotten about vending machines. How many billions of dollars would be spent to make the change and cui bono?
I'm agnostic to the dollar coin idea, though I hate the thought of having more chainge rattlng around in my pockets. What I'd really rather see, though, is the retirement of the penny. Talk about a waste of money! Retain it as a unit of measurement, but round up or down for the actual transaction.
11
Just like the half hearted switch to the metric system, introduction of the Sacagawea and Susan B. Anthony dollar coins failed due to a lack of thought and support on the part of Federal authorities. Another such wishy-washy attempt would also fail. However, I am tired of $1 bills cluttering my wallet. Give me $1 coin, $2 coin and a $5 coin. And don't make them big because they are not going to be made out of gold or silver; dime and nickel size would be perfect.
4
We have a 1-$ coin. Everybody hates it. I no longer use cash at the RR Ticket machine because the change comes in $ coins. I try to get rid of them as fast as possible. Nobody wants them, and they are heavy.
9
Get rid of the penny, nickel, and dime and make the minimum coin the dollar. Paper money should start with $10 (get rid of the $5 paper).
1
I do not favor a $1 coin. I do not like coins in my pocket--they are annoying and unnecessarily discomfort me in sitting in my car. I use $1 currency for various tips; otherwise I use credit cards to avoid receiving change,
2
Not to the point, but please don't produce any more of those dollar coins that are easily confused with a quarter. I have lost money on those transactions!!!
Also, how about producing more two dollar bills. I used to see them occasionally in the past.
And I agree with many other commenters, please don't weigh me down with only coins for dollars.
Also, how about producing more two dollar bills. I used to see them occasionally in the past.
And I agree with many other commenters, please don't weigh me down with only coins for dollars.
2
I live in Europe where they use 1 and 2 euro coins, and they're great. It's simply not true that people end up with bulging pockets. How many single dollars do you really need to carry around? I like the coins. They are easy. Yes, I am a woman who carries a purse. But my husband isn't, and it's never been a problem for him. I would be in full support of a coin.
6
A $1 dollar coin could be, given inflation and everything, a new equivalent of the quarter. Less quarters more dollar coins, less dollar bills, a winning cost saving strategy for small purchases. Too many coins? Turn them into high value paper currency the way its always been done. And put Lincoln on the dollar coin and discontinue the penny. And put Washington on the $20 dollar bill .
1
No thanks. Too heavy!
1
The US Mint charges a premium above the face value of the coins when you order the US president rolls of coins. I have tried to use the $1 coins, but the premium tends to discourage me. The bank also stops selling the new coin rolls probably because of this.
13 billion over 30 years
that's 433 million a year on average.
if i recall correctly, the current federal budget is 2-3 trillion a year; let's call it 2.5trillion, or 2,500 billion a year. 433million is 0.017% of the federal budget
the US economy is about 15trillion a year 15,000 billion. 433million is 0.003% if the US economy
When a "former deputy assistant secretary of the Treasury" calls that "huge savings" ... one has to wonder about his grasp of elementary arithmetic. On the other hand, one no longer need wonder about why our government is so effective at getting things done.
that's 433 million a year on average.
if i recall correctly, the current federal budget is 2-3 trillion a year; let's call it 2.5trillion, or 2,500 billion a year. 433million is 0.017% of the federal budget
the US economy is about 15trillion a year 15,000 billion. 433million is 0.003% if the US economy
When a "former deputy assistant secretary of the Treasury" calls that "huge savings" ... one has to wonder about his grasp of elementary arithmetic. On the other hand, one no longer need wonder about why our government is so effective at getting things done.
2
OK; they can just send the savings to me if it's so inconsequential.
2
If the US Government can save $433M per year just by making this simple change, let's not stand in the way. I agree that the percentage is small but the absolute dollars are significant.
If it helps, imagine a one million dollar house...now imagine 433 of them.
If it helps, imagine a one million dollar house...now imagine 433 of them.
2
It's still real money.
2
While we bring in the dollar coin, let's get rid of the penny. Cash register drawers will still have the right number of coin compartments, and no one will miss the penny.
7
I concur...dump the penny. It serves no useful purpose, and won't be missed. We might even want to consider dumping the nickel too.
It is common sense, and goes along with abolishing the penny and maybe even the nickel, and rounding the results. The new dollar coiin could be the size of the old nickel, and colored gold.
2
Rather than debating the merits of various forms of paper money, let's get real about the future -- easy, quick, low-fee, and safe electronic payments.
Hong Kong has long had its beloved "octopus card" -- a contactless card that works like cash and can store up to HK$1000 -- about US$130. A payment is made with a quick tap against a terminal, taking just a half second or so. Payments are incredibly cheap for merchants -- fees are much much less than the 2-4% that debit/credit cards cost; it's even cheaper than cash when you count the cost of time spent sorting and depositing it.
Credit cards and debit cards just don't cut it. Mobile payment systems are too fractious currently. Bitcoin is still too complex for users and too volatile for stores to accept.
We need a system that's designed for how people actually want to pay 90% of the time. It needs to be easy (so that it becomes ubiquitous), fast (so that people don't get held up in line), cheap (so that coffee stores and diners can actually survive on it), and safe (protecting our privacy like cash does).
Is that really so hard?
Hong Kong has long had its beloved "octopus card" -- a contactless card that works like cash and can store up to HK$1000 -- about US$130. A payment is made with a quick tap against a terminal, taking just a half second or so. Payments are incredibly cheap for merchants -- fees are much much less than the 2-4% that debit/credit cards cost; it's even cheaper than cash when you count the cost of time spent sorting and depositing it.
Credit cards and debit cards just don't cut it. Mobile payment systems are too fractious currently. Bitcoin is still too complex for users and too volatile for stores to accept.
We need a system that's designed for how people actually want to pay 90% of the time. It needs to be easy (so that it becomes ubiquitous), fast (so that people don't get held up in line), cheap (so that coffee stores and diners can actually survive on it), and safe (protecting our privacy like cash does).
Is that really so hard?
1
It's hard when our entire system of government revolves around what is good for business rather than what is good for everything else. There's no way the banking industry will allow a system that doesn't collect a relatively high percentage in fees.
1
Why stop at $1? In the EU we have one- and two Euro coins, and they are very convenient. It would take some getting used to - in my case, anyway it took all of 15 minutes - but once you've adapted you will wonder why it did not happen years ago.
3
Think big, folks. The original penny was worth more than 50 cents in today's currency.
Eliminate the penny, nickel and dime while rounding cash transactions to the nearest quarter.
Kill the 1 dollar, 2 dollar and 5 dollars bills and replace them with coins.
Start minting more 50 cent pieces and $50 bills.
Eliminate the penny, nickel and dime while rounding cash transactions to the nearest quarter.
Kill the 1 dollar, 2 dollar and 5 dollars bills and replace them with coins.
Start minting more 50 cent pieces and $50 bills.
1
I live in El Salvador; American currency is the standard here, and the $1 coin is in constant use. I haven't seen a $1 bill in ages. (They have the texture of used Kleenex) If one is in the habit of using a bigger bill and then getting change, your pockets do get heavy with the coins, but if you switch to more exact change approach, they seldom build up. I have gotten $1 coins as change in NYC subway ticket machines. Ditch the penny and add the dollar coin to the drawer!
3
I have to agree that saving money is important. The one process that is in your favor is that most of those I know and myself have abandoned carrying very much paper or coin monies due to debit/credit cards. Carry around money is important for those that have no bank accounts and many do not have them on the lower end of the economic scale. For most I believe carrying large amounts of money days are few and far between. I suppose high rollers still want to flash large amounts of cash at their own peril.
Halving the US military budget so that it was only 6 times greater than Russia's would save us $300b in one year.
Let's do that instead.
Let's do that instead.
10
I got used to the $1 and $2 when I led a University Semester Abroad to New Zealand and Australia. Its a great idea. I still go to the bank to buy rolls of dollar coins because I like them. Another advantage is that they are cleaner than paper money.
While we are on the subject of coins and saving money, the other change we should make is to junk the penny. Consider the actual value of a penny today. Its worth only a fraction of what it was worth 50 years ago and costs more than a penny to make. The only reason to hang onto it is so retailers can advertise a product for $4.99 instead of $5.00. We are almost a cashless society as it is; its time to discard it.
While we are on the subject of coins and saving money, the other change we should make is to junk the penny. Consider the actual value of a penny today. Its worth only a fraction of what it was worth 50 years ago and costs more than a penny to make. The only reason to hang onto it is so retailers can advertise a product for $4.99 instead of $5.00. We are almost a cashless society as it is; its time to discard it.
2
I'm for it as long as we give up the penny.
2
Where would all my good luck come from then?
2
$4 billion over 30 years, is about 30 cents a year per taxpayer, holding population steady. This is not a meaningful issue. I also question the relevance given the decline in the use of cash--why should we be tweaking a system that is largely obsolete?
1
I think the move to electronic coins or bills would be simply less costly and efficient.
That former Treasury official must be mad! Rather than a wallet or pocket containing one dollar bills, we should add bulk and weight to those pockets since they would could not be carried in a wallet. Congratulations to the metals mining industry for that suggestion. No doubt that "official" will land a job at the mining company or K Street simply for making that suggestion on behalf of the mining lobby.
For the readers who think this is a good idea, consider the impact on the retail sector. Paper money is compact, easy to transport and easy to use in a transaction. If you think this is a good idea, we in retail look forward to your return to Planet Earth.
For the readers who think this is a good idea, consider the impact on the retail sector. Paper money is compact, easy to transport and easy to use in a transaction. If you think this is a good idea, we in retail look forward to your return to Planet Earth.
1
When ever this topic comes up, all I can think of is that time I bought a $7 ticket at a NYC MTA ticket machine using a $20 bill. If you know these machines, you know that they take paper bills, but spit out coins only. I received $13 worth of dollar coins. That's 105g of metal in my pocket. It was extremely uncomfortable.
1
Dollar coins have no place in commerce, save, perhaps, in the gambling "industry". I'm sure coin-ops everywhere would love to start receiving dollars, but those machines are all switching (if they haven't already) to card receivers. Metal coins should be phased out, eventually.
Wiser to get rid of the "penny", as the manufacturing cost is more than one cent apiece, and they are a serious clog on everyone's daily routines.
Dollar bills are still useful, still cheap to produce, are of no interest to counterfeiters, and have had stores created for them.
The ominous part of this discussion is the obvious creeping inflation that would trigger such a move.
Wiser to get rid of the "penny", as the manufacturing cost is more than one cent apiece, and they are a serious clog on everyone's daily routines.
Dollar bills are still useful, still cheap to produce, are of no interest to counterfeiters, and have had stores created for them.
The ominous part of this discussion is the obvious creeping inflation that would trigger such a move.
1
The dollar coin will be too heavy. Besides, how will we peons make it rain at the strip club?
The failure of the dollar coin so far is due in large part to the odd sizing choices that are part of the tradition at the US Mint. The Susan B Anthony was not large enough or thick enough to distinguish it from the quarter. The JFK half dollar, a beautiful coin, was also an eccentric design choice. The dime is smaller than the penny and the nickel, and our paper currency is all of a mostly uniform size. The practical success and acceptance of the Euro was due to intelligent design choices. The US Mint needs to start from scratch and appeal to basic consumer preferences -- coin and bill machines be dammed.
1
ALL of our change is worthless. I never carry change, always bills. Lots of change on the floor of my car. I hate it.
How about rounding off prices so that we do not need any change. All these .99 prices are so stupid, and folks that think it is some deal are stupid also.
How about rounding off prices so that we do not need any change. All these .99 prices are so stupid, and folks that think it is some deal are stupid also.
2
We should certainly get rid of the dollar bill and start using coins.
We should also stop minting pennies.
We should also stop minting pennies.
4
Why would you want to carry around all that weight? Metal coins accumulate just like pennies. They end up in a jar on a bureau. I lived in Abu Dhabi, and every day you'd end up with 5 to 10 more of the things that were worth about a quarter. Most of them couldn't even be used in the parking system because they had changed the alloy.
What's most frustrating about this issue is that it's been bouncing around for decades, and yet no administration seems able to make it happen. In short, it's a metaphor for what's been going on for decades on so many issues. Can you just imagine if we had the same attitudes then that we have now? Send a man to the moon in a decade? You must be joking. Giant infrastructure projects, like Hoover Dam or the interstate system? Yeah, right!
3
Who knows? Considering how the BEP snuck up on new anti-counterfeiting technologies in all the bills except the one because they assumed people would freak out, and they didn't (except for Monopoly money comparisons), the track record of predicting how changes in currency will be received kinda sucks.
Having said that, the track record with dollar coins is not good. Ike dollars were essentially only used in Vegas casinos. The Sacagawea dollar - dirt nap. The president dollars - unused. But they lacked the other critical element - killing off the dollar note.
And for crying out loud, make it much, MUCH more different than the quarter in size!
Having said that, the track record with dollar coins is not good. Ike dollars were essentially only used in Vegas casinos. The Sacagawea dollar - dirt nap. The president dollars - unused. But they lacked the other critical element - killing off the dollar note.
And for crying out loud, make it much, MUCH more different than the quarter in size!
3
i don't live in a cashless society. i sell many small items at a flea market and i would not want to end up at the end of the day with a couple hundred one dollar coins! i wouldn't be able to keep my pants up even with suspenders. please NO dollar coins!
3
Easier to use in cash-operated machines, harder to damage. Lasts longer and saves the government money in printing costs.
2
When have you ever seen a counterfeit $1 bill? Give me a break. Dollar coins are a pain in the pocket. I'll take bills over coins any day.
9
We need to say farewell to the dollar bill and well as the penny. Money has lost value over the years and we should update our currency to reflect the changing situation. And it easier to use a coin, than it is to use a bill.
2
Only if it comes with a cute name, like Canada's toonie.
As a business traveler, I carry many one-dollar bills in my wallet...tips for valet people, tips for hotel house-keepers, cash tips for waiters. At any given time I usually maintain about 10 one-dollar bills for these occasions. Coins will really weigh a person down, and then there is is always the annoying bulge in the pocket...keep the bill, lose the penny!
17
When I was growing up there use to be a chrome colored metal container appox five in. long by 4 in. tall. There was a storing slot for quarters, dimes, nickels, pennies. I don't remember if it had a slot for half dollars. There was a little cha-ching lever at the bottom of each that would release one coin at a time.
1
I say we keep the present "golden dollar", but eliminate the quarter. Go back to the 20 cent piece - yes, we had them from 1875 to 1878. They were about 10 per cent smaller than a quarter - not enough difference, so they were confused with the quarter and unpopular. But with respect to the dollar coin, that 10 per cent would be an additional size difference, probably enough to eliminate the confusion. And look, we have the $20 bill, not the $25 bill.
1
When I travel to the UK, I use the "round pound" and detest it. I have to keep a separate small coin purse in my handbag, as the wright of the pound coin ruins the coin pocket in a wallet. Please leave the dollar bill alone!
5
Let's go with the coin. We already have one, so just stop producing dollar bills!
4
And while you're at it, get rid of the penny. You'll never miss it.
3
The Susan B. Anthony dollar coin was so unsuccessful that lasted from only 1979 to 1981.
I give quarters away because I have a bad back and they add weight.
If we get a new dollar coin, let's make it lighter than a dime and let's get rid of pennies altogether!
I give quarters away because I have a bad back and they add weight.
If we get a new dollar coin, let's make it lighter than a dime and let's get rid of pennies altogether!
3
I share my time between the South of France and the South of the United States. In France we use coins up to about $4. It is easy to use. Everyone has a few coins in their pocket and small purchases are arranged regularly.
In the United States it's difficult to make purchases with coins because most people only have quarters. I never did understand why the United States didn't have a $1, $2 and $5 coin. It would make my life much easier.
In the United States it's difficult to make purchases with coins because most people only have quarters. I never did understand why the United States didn't have a $1, $2 and $5 coin. It would make my life much easier.
4
just get rid of the pennies. who needs them. on the dollar bill, no coin most people don't like to carry coins.
1
Cash is inconvenient in the U.S. for two reasons. First, we still have pennies, which are worthless and just slow down every transaction. Second, retailers are not required to advertise the real *after tax* price of products. It's impossible to know what you'll be charged before you get to the cash register, and in all likelihood you'll not be charged a "round" amount. For example, a $0.99 candy bar might actually cost $1.08 after tax. It's just easier for people to blindly hand over a credit card. This is not the case in other countries. I expect that the big U.S. credit card companies will use their influence to maintain this status quo and maintain their huge profits.
1
Canada got rid of both one and two dollar bills, replacing them with one dollar and two dollar coins at least two decades ago. They call them loonies and twonies.
If it works in Canada, it would work here.
Here in SF Bay Area, if you put a $20 bill to buy a single transit fare, you get all of your change in one dollar coins. I like it when I get those one dollar coins.
I use a Clipper card, which has a chip that reads how much money I have on it and deducts my fare but I see folks fumbling to put in doillar bills into the farebox every time I am on a bus, which is all the time. Dollar coins make so much more sense.
And, for gosh sake, eliminate pennies. I agree with comments to make the dollar coin a bit bigger and heftier than quarters. Learn from Canada's loonies and toonies, eh?
If it works in Canada, it would work here.
Here in SF Bay Area, if you put a $20 bill to buy a single transit fare, you get all of your change in one dollar coins. I like it when I get those one dollar coins.
I use a Clipper card, which has a chip that reads how much money I have on it and deducts my fare but I see folks fumbling to put in doillar bills into the farebox every time I am on a bus, which is all the time. Dollar coins make so much more sense.
And, for gosh sake, eliminate pennies. I agree with comments to make the dollar coin a bit bigger and heftier than quarters. Learn from Canada's loonies and toonies, eh?
3
The $1 needs to remain paper, as a constant reminder of how much the currency has been debased.
Too heavy, those dollar coins. Make them a gold color and smaller than a dime and we'll easily distinguish them from other coins. In addition, the smaller the coin the more psychologically ready we'd be to spend it; good for the economy! And yes, get rid of the penny.
3
Yes, switch to dollar coins, introduce two dollar coins, and eliminate the penny. We could learn something from the Canadians.
6
The trend to a using less cash altogether should be studied here. More and more people are using cards or their phones to pay for stuff. I would say start with eliminating the penny and then in 5 years, assess the dollar bill usage and go from there.
2
Definitely agree. U.K. Has £1 and £2 coins. Bills should start at $5.00
3
Who's counterfeiting one dollar bills?
Given the cheap 'paper' our currency is now made up of -
why not a dollar coin ?
This time put John Brown, Sitting Bull, Dr. King, and other Americans
on the Dollar Coin.
While we are at can we please get rid of the penny ?
And please put the American Indian and Buffalo back on the Nickel ?
why not a dollar coin ?
This time put John Brown, Sitting Bull, Dr. King, and other Americans
on the Dollar Coin.
While we are at can we please get rid of the penny ?
And please put the American Indian and Buffalo back on the Nickel ?
1
Yes; like the Euro coin, the US should both save money from no longer having to publish dollar bills, replacing them with the sturdy and long lasting coin and making it easier for Americans to handle their cash. The only issue to work through is the size and color so as to not be confused with the quarter.
1
The rest of the world deals in coins, why can't we? Why do we, the American public, have to be so difficult about everything. Carrying change isn't a big deal, especially now days when people carry less cash.
Get rid of the penny, change over to a $1 coin have it similar to the 1 euro coin, thicker than the rest of the coins.
Get rid of the penny, change over to a $1 coin have it similar to the 1 euro coin, thicker than the rest of the coins.
5
Will it have The Donald's face on one side?
1
As far as I know, ours is the only developed nation with a paper bill with value as low as a dollar. When you are alone, you should ask why.
An even more interesting topic would be an analysis of the impact ATM machines have made on spending habits through the standardization of the twenty dollar bill. We almost never get fives or tens from the machines and I believe all those twenties have encouraged me to spend more and tip bigger.
An even more interesting topic would be an analysis of the impact ATM machines have made on spending habits through the standardization of the twenty dollar bill. We almost never get fives or tens from the machines and I believe all those twenties have encouraged me to spend more and tip bigger.
2
Eliminate the paper dollar. I have traveled in Canada and Australia, both of which have replaced the paper dollar with a coin. It is convenient--especially for vending machines. The paper dollar just gets in the way.
Eliminate pennies too while you're at it.
Eliminate pennies too while you're at it.
5
Has anyone been to a Laundromat lately? One must bring a bucket of quarters to put into the machines. Some of the larger machines cost 8 to 10 dollars. So one has to pump 40 quarters into a machine for one wash. Ridiculous. Most items today in vending machines cost over a dollar. It's tiresome trying to stuff wilted dollar bills into a machine that keeps spitting it back. Get with a dollar coin already. And with the cost of inflation, a two dollar coin is a reasonable idea too. Why are we Americans so hard to change? Metric system anyone?
4
Get rid of the penny, nickle, and dime in one swoop.
The quarter would be the only coin.
(Keep the dollar bill. It fits more nicely in wallet than dollar coins. A pocketful of coins which amounts to a significant sum is inconvenient.)
The quarter would be the only coin.
(Keep the dollar bill. It fits more nicely in wallet than dollar coins. A pocketful of coins which amounts to a significant sum is inconvenient.)
Currency reform should also include moving the decimal point. 40 years of inflation have reduced the value of one cent to the point we have absolutely no need of a coin to mark that (lack of) value.
Seriously, do we even need a five cent piece? You can't buy anything for 5 cents. My computer doesn't even have a ¢ sign on its keyboard. (It took me about 30 seconds to find the ¢ through the edit menu.)
But copper covered zinc and nickel do have value and could just as easily stand in for the purchasing power of 10 and 50 of our current cents.
That would give a redesigned dime the value of our current dollar and a redesigned quarter even more value than a Canadian $2.
We would probably save the $4,000,000,000 this article predicts for a dollar coin with each of those 4 changes.
Seriously, do we even need a five cent piece? You can't buy anything for 5 cents. My computer doesn't even have a ¢ sign on its keyboard. (It took me about 30 seconds to find the ¢ through the edit menu.)
But copper covered zinc and nickel do have value and could just as easily stand in for the purchasing power of 10 and 50 of our current cents.
That would give a redesigned dime the value of our current dollar and a redesigned quarter even more value than a Canadian $2.
We would probably save the $4,000,000,000 this article predicts for a dollar coin with each of those 4 changes.
2
In a swipe-your-card era, it's tempting to want to get rid of cash altogether. But the more abstract one's money becomes, the harder it gets to control or protect it (at least when you're robbed point blank you know it, as opposed to having your money disappear in a cloud).
Others have already mentioned the previous attempts at a dollar coin stymied by its being too indistinguishable from quarters. The other drawback is that men's suits don't hang as well with that clanking pocketful of jingly stuff; but then, as this is a swipe-your-card era, it's also a jeans era anyway.
The real fight, of course, will be whose face to put on the new coins. I imagine simply staying with George will be put down as racist and sexist.
Others have already mentioned the previous attempts at a dollar coin stymied by its being too indistinguishable from quarters. The other drawback is that men's suits don't hang as well with that clanking pocketful of jingly stuff; but then, as this is a swipe-your-card era, it's also a jeans era anyway.
The real fight, of course, will be whose face to put on the new coins. I imagine simply staying with George will be put down as racist and sexist.
1
Focus on the $2 coin idea, instead. It's the only idea with any long term potential. Americans are too enamored by the $1 paper bill. It isn't going to away. But, I've been in countries that have $2 coins and they are amazingly useful. From vending machines, to tips they are just right. Easy to find in your pocket. If we introduce a $2 coin, and Americans gradually discover and approve of its usefulness, the need for paper $1 bills will go down over time. So forget about eliminating paper $1 bills and focus on reducing the need for them.
2
But how will I light my cigars?
1
You'll have to use a fiver!
I would like to see priority given to eliminating the penny.
3
This might not be universal, but at least here in NYC, I find I'm constantly looking for one-dollar bills to tip a dollar or two, especially at coat checks in the winter. I hate the the idea of having to carry around a heavy change purse for the same purpose...
How about allowing all forms of hard currency to eventually go extinct over the next thirty years? Considering the myriad of methods of electronic payment available today, the money spent printing/minting money should be spent on building the infrastructure to enable all individuals to pay/accept money electronically (using some kind of biometric system, ideally). Not only will this decrease petty theft and robbery (e.g., pickpocketing), it will enable the taxation on the billions/trillions of dollars that are unaccounted for and therefore untaxed since there is now an electronic record of each transaction. And obviously it will help eliminate illicit activity (e.g., money laundering, human trafficking, cybercrimes, etc.)
1
The problem with dollar coins is how they are transacted within the Federal Govt. the U.S. Treasury can create paper money at will, more or less. The U.S. Mint however, must account for the coins as real money. So, dollar bills are loans but coins are not... that's huge.
I believe that banks are charged fees above the face value of currency and coinage. I was surprised that banks have to pay for money... LOL.
I believe that banks are charged fees above the face value of currency and coinage. I was surprised that banks have to pay for money... LOL.
Coins destroy pockets. Raise wages so coins become obsolete.
This is a dangerous path you are suggesting. The next thing you know you will be embarking on the metric system and joining the rest of the world (well, except Liberia and Myanmar). And who knows ... universal health care might follow that. What a slippery slope it is.
16
Given that probably far less than one percent of the average person's financial transactions are performed with cash, it's amazing how emotionally tied-in we are with physical money looking the way it did when we grew up. That being said, I'm totally in favor of both a dollar coin and a two dollar coin, and might even consider a ten dollar coin. (They don't come out of cash machines, and since getting ten dollar bills back in change seems a rarity these days, I suspect that they're slowly falling out of circulation.)
And the penny definitely needs to be dropped.
And the penny definitely needs to be dropped.
3
To ditch the penny all prices would have to rounded up to the next number divisible by five. It would have to be rounded up artificially, increasing prices by phantom means. They're certainly not going to round down and lose money. Get rid of the penny, pay more and start cookie jarring all the penny replacements, the nickel.
1
I've been an advocate for years. We have a citizenry that views any change as being unnatural (or unholy)! Change is inevitable even though I don't like my pockets full of it. Eliminate the penny, use the dollar coin, bring back the half-dollar coin, and/or eliminate coins below $0.25 entirely. I hardly pay with cash (coins or bills) anyway. When I get coins I add them to a jar which when full I take to the bank (about one trip per year) and deposit to savings.
2
I used to support the idea of a dollar coin. But from my selfish perspective, I don't agree any longer. I no longer carry coins. Most of the transactions I do with cash occur where there's a cup at the register, and the change goes in there. I do agree that pennies are completely useless and should be eliminated, I don't care what Ben Franklin said.
2
While we're at, let's follow Canada and issue polymer type currency that would it much more difficult to counterfeit $10s, $20s, $50s and $100s.
We could also go in exactly the other direction and issue notes for smaller coin denominations. Some countries like Vietnam do this, and you can get by with practically no coins at all.
They also make nice bookmarks ;-)
They also make nice bookmarks ;-)
1
Planet Money did an excellent set of stories on the dollar coin and they found that the "savings" were basically a wash, as coins last longer but cost more than paper bills to make. I find the idea of a dollar coin appealing in theory, but in practice find I still prefer bills, and I don't think I am alone. At the Hoboken train terminal in New Jersey, the vending machines have marquees at the top that say "NEW! NEW! NEW! This TVM Gives Change In Bills", which tells me that people don't like getting a dozen dollar coins in change when buying a ticket with a crisp $20 bill (https://twitter.com/ehed/status/544497025153507328)
2
I never carry coins in my pockets. The weight distorts your clothing, especially a tailored suit or slim-fit pants where bulging pockets are unflattering. Add car or apartment keys and you look--and often sound--like a pear-shaped schlub. Whenever I travel, all coins are thrown into a luggage pocket. And when I return home, with any coins I accumulate, all go into jars and fill up a number of bookshelves and kitchen counter. On the plus side, at the end of the year I typically have around $1,200 in coins. Adding a $1 coin will just increase my annual haul (and take up more space). I'd rather have the use of the paper dollar to use throughout the year (and, possibly, better help the economy by spending it).
And, while we're at it, let's continue to copy our rational neighbors to the north by going with both a $1 and $2 coin, eliminating the penny, going to the metric system, and, I don't know, establishing single-payer national health insurance plan.
5
Over time the value of all US currency has slowly diminished (and not really in a bad way). The smaller denominations just aren't as useful as they were years ago. If we need to have a one dollar piece of currency then let's make it a durable coin. It saves money, paper, energy, etc - isn't that the definition of a smart thing to do?
Also, Please stop making the penny! Sure its a piece of nostalgia - keep a few in a jar for your grand kids to see - but let's stop trying to conduct business with something that is so small you can't buy anything with it.
Also, Please stop making the penny! Sure its a piece of nostalgia - keep a few in a jar for your grand kids to see - but let's stop trying to conduct business with something that is so small you can't buy anything with it.
3
The Five &Ten Cent Store (I grew up with Curry's in Old Greenwich) has been replaced with the Dollar Store.
2
Size is instrumental. A slightly noticeable bit larger than a quarter. If you believe Americans will carry these around, forget it, only in small numbers. Most will stay in a cookie jar until exchanged for higher denominations of paper money, like most change is today.
I'll never understand why Americans have such strong feelings about keeping dollar bills. When I travel, it's so much easier to have a few pound or euro or canadian dollar coins in your pocket than having to fumble with your wallet to pay for a candy bar or other small item. And using a coin is MUCH easier than struggling to stuff a bill into a vending machine. The treasury needs to design a good dollar coin and just eliminate the bills.
3
To me it's simply a matter of weight and bulk. I'd rather see the penny eliminated with rounding up and down.
2
It makes perfect sense to me to move to a dollar coin. I think that the only people opposed to this will be the vending machine makers, who have converted many of their machines to accept dollar bills. Get rid of the half dollar coin and make that size be the dollar coin.
We have coins in Switzerland up to 5 ChF, paper is far easier to manage in your pocket, well designed paper currency is superior to metal coins in your pocket. Please do not convert small paper currency to coins.
1
I rarely use cash. I rarely have any cash on me. I couldn't care less.
Silver dollars were in common circulation in some western states when I was a kid, 60 years back.
2
I dislike the dollar coin because it is very heavy in my wallet. But I really dislike the penny. They cost more than 1 cent to create and are nearly useless currency. Walk through any parking lot and it's littered with abandoned pennies. Heck, my car has unwanted pennies tucked in various crevasses. Let's dump the penny.
2
Every time this is tried, the dollar coin is almost indistinguishable from the quarter. I believe this is largely why the coin is rejected. Is there some reason why the dollar coin cannot have a unique size or shape, perhaps pentagon or octagon?
2
Spend a week in London and when it's time to go home, you'll have a pocketful of metal, especially 10p coins. Very inconvenient.
Having had the joy of spending a lot of time in Canada where my only complaint is how heavy it is carry around the coins they call "loonies" I would caution my fellow Americans about introducing more coins. The old days are gone when a quarter meant five candy bars or an equal number of popsicles. Let's keep the humble dollar bill so we buy a candy bar with a couple of them and not have to break a five dollar bill.
1
How many more times is the government going to "propose" this switch? And yet here we are, how many Susan B Anthony dollar coins later, still using dollar bills. If this decision is so much of a "no brainer" and something everyone agrees to -- when they are told that it will save money -- what's been the hold up?
To put it in Yoda terms -- there is no "propose." Either do or do not.
To put it in Yoda terms -- there is no "propose." Either do or do not.
You're about to purchase a $3 item, but all you have is a $20 bill.
Do you want to walk around with 17 large coins in your pocket? No way.
Do you want to walk around with 17 large coins in your pocket? No way.
2
People won't change unless they have to; Americans never accepted dollar coins because the old familiar dollar bill was always there. Bills are not more convenient than coins, they're just habit. Get rid of the dollar bill and in a generation no one will even think of it. We know it works, we've seen it in Canada and the UK, and with the Euro. A dollar simply isn't worth that much any more, consign it to the change heap where it now belongs. And sign me up for getting rid of the penny, too.
4
Join Canada in just ONE progressive sense, and get rid of the penny. I don't need statistics to know that pennies give me much more grief than dollar bills.
Although as a dual citizen of Canada and the US I have to add that I happen to like the loonie and the two-nie!
Although as a dual citizen of Canada and the US I have to add that I happen to like the loonie and the two-nie!
2
A $1 coin would work, as it does in so many other countries. But the last time around they didn't make the darned things easily separable from smaller coins like the quarter when fishing through pocket or purse for change. If it's distinctive enough in size and coloring, etc, it would work.
We should move to a $1 coin for the sole reason of that old-timey feeling of paying for a cup of coffee and a sandwich with a handful of coins.
1
I'm good with it although if it came down to limited political will, I'd rather spend that will on dropping the penny.
1
stupid idea. coin is too heavy, too big, and too easily confused with a quarter.
1
How lazy Americans are that a few coins in your pocket are too heavy. Spend them.
1
Much as I like almost everything European, I don't love 1 and 2-Euro coins. I find my pockets sag with them on trips, which is never a good look. I keep reaching for my wallet, which contains only bills, and avoid fishing around for coins because it is cumbersome and I might mistake one coin for another, which would make me look like an American. As a result I wind up with 20 Euros of change in my pocket at the end of the day, a jangly and unsightly bulge. Dollar bills are at least light and easily folded. Whether that's worth $4 billion is another question.
I guess the real question is when these denominational questions will be moot when we move to a cashless future. In the meantime, let's abandon the penny.
I guess the real question is when these denominational questions will be moot when we move to a cashless future. In the meantime, let's abandon the penny.
Without dollar bills, how am I supposed to provide tips to hotel staff when traveling? Do all tips need to be in five dollar increments, or do I have to carry a pocketful of dollar coin through airport security? This may sound like a first world problem, but not to hotel staff. If this sounds too specific to business travelers, there are probably hundreds of other small, problematic effects of such a change.
1
It only makes sense to switch to a coin if people will use them and heretofore, people have not. Of course the big mistake is making them about the size of a quarter. Doesn't work. Secondly, one dollar doesn't buy much so a person would need to carry a ton just to get breakfast. Coins nowadays are just a nuisance. In fact, more and more folks don't even carry cash. The big unanswered question is; will they work in a soda machine?
Good idea, but while your at it let's please get rid of the penny. Life will be easier for merchants and customers alike without the penny, whose value is almost nil as it is.
1
The comments here regarding the dollar coins already in circulation work from the assumption that the next coin would also compete with notes, rather than replacing them. Yes, given the choice, people tend to revert to old habits. But the single dollar bill is inefficient, not to mention anomalous as few (if any) other currencies offer paper money in such a small denomination. Collect them and remove them from circulation, and as people start getting only the coins as change, they will get used to it.
1
The SB Anthony coil was to small, make it the size of the half dollar
and then drop the half dollar and it might work. The penny is now virtually
worthless they can drop that as well.
and then drop the half dollar and it might work. The penny is now virtually
worthless they can drop that as well.
Only one problem. We have tried dollar coins before and in fact no one wants to walk around with a pocketfull of them.
We should phase out the penny. We should also only have dollar coins and nickles. Any needed sum can then be made up from a combination of these two types of coins. And since they're very differently-sized, it's A-OK for blind folks and the drunken. I then plan to go into the manufacture of coin purses, which will make me so rich I won't be able to lift my own wealth.
Hey, if we're talking about things that won't happen, might as well dream big, right?
Hey, if we're talking about things that won't happen, might as well dream big, right?
There should be an expiration on all dollar bills, and they should be replaceable with dollar coins. If Europe was able to replace the separate currencies with the Euro, so can the United States with the dollar coin.
I have always thought that changing every paper denomination to coins would crimp the drug trade because large hauls of cash would be too heavy for small smuggling planes and boats.
But it could be that bit coin could be used instead.
I hardly use cash for anything except really small businessmen like the dry cleaner and taxis. So maybe the whole thing will become moot before long.
But it could be that bit coin could be used instead.
I hardly use cash for anything except really small businessmen like the dry cleaner and taxis. So maybe the whole thing will become moot before long.
The weight of the coins in my pocket!!! When I've traveled to other countries it's pain dealing with the coins. It will also encourage the rounding up to the next $5 or $10. by the retailers.
A dollar bill is just fine.
A dollar bill is just fine.
1
Having lived many years in the UK, where 100 pence is a coin - the Pound, from a guys' perspective I would say no. For example, you break a tenner on some small item, and you wind up with four heavy coins in your pocket plus whatever odd small change is in there. Trust me, if you aren't accustomed to that, its' annyoing. If the cashier doesn't have any fives, you wind up not with a bunch of ones you can slip in your wallet, but a pocket full of brass. Then you toss your keys in your pocket, or whatever else you may be carrying and you're walking around with a lump in there, and you feel like you're going to throw your spine out of whack! There's no place to put those coins in a wallet. So, no, coins are heavy and annoying. I'm being flippant, but I mean it. Stick with the greenback .
1
Yes, I know that this is an idea that is already adopted in Canada and Europe (horror of horrors!) but it makes sense. The coins last longer, are cheaper, and from what I remember, the mint has a bunch of them laying around. Dollar coins are great for vending machines, easier to carry, etc. The trick to implementing the change is to slowly stop printing the 1 dollar note and replace them with coins. If the transition happens slowly, without fanfare, perhaps it can happen. Of course, I also think we should have high speed trains for short distance travel (less than 400 miles) so I'm full of radical ideas.
1
Maybe we could do with out any of it. For the last six days I have made it alive through the world with no paper money at all let alone coins. Plastic man I have become.
Dollar coins are much less expensive for the government than dollar bills, and are more convenient to use. It's much easier to pull some coins out of your pocket than to open the billfold. They also work much better in vending machines and highway toll machines. Every other country has gone this route. The reason the earlier (Presidential and Sacagewea) dollar coins didn't catch on was that we did not eliminate the dollar bills at the same time. Using the bills is just inertia. We also need to eliminate the penny, which is another big waste of money.
1
Save 4 Billion over 30 years? Chump change. The Pentagon is funded at near 600 Billion this year, and Congress wastes your tax money building planes and tanks the military doesn't want or need.
Coins are a pain, don't make more, make less. Get rid of the penny, if some company makes a bit more money rounding up, fine, it's good for the economy. Come on, you were paying four bucks for a gallon of gas and you're worried about four cents?
Dear Former Deputy Assistant Secretary of the Treasury and Consultant to the Dollar Coin Alliance (so you were paid to write this article? In dollar coins?) here's a suggestion, quit getting ideas, most ideas are bad.
Coins are a pain, don't make more, make less. Get rid of the penny, if some company makes a bit more money rounding up, fine, it's good for the economy. Come on, you were paying four bucks for a gallon of gas and you're worried about four cents?
Dear Former Deputy Assistant Secretary of the Treasury and Consultant to the Dollar Coin Alliance (so you were paid to write this article? In dollar coins?) here's a suggestion, quit getting ideas, most ideas are bad.
Just do it already! This country cannot get anything done anymore even if it makes cents. Pun intended.
1
How about a paper Quarter, Nickel, Dime, and new paper 50 cent bill as well?
I'd like drop pennies entirely. US military bases overseas have no pennies, they just round up or down to the next nickel.
I use credit cards for every transaction, where ever I can, even for transactions less than a dollar, because I hate the WEIGHT of change in my pocket. Change just collects to enormous amounts in no time so I started using CCs for every tiny thing 7 years ago and it just makes life so much easier. One less thing to deal with. It is often easier getting in and out of stores too.
I'd like drop pennies entirely. US military bases overseas have no pennies, they just round up or down to the next nickel.
I use credit cards for every transaction, where ever I can, even for transactions less than a dollar, because I hate the WEIGHT of change in my pocket. Change just collects to enormous amounts in no time so I started using CCs for every tiny thing 7 years ago and it just makes life so much easier. One less thing to deal with. It is often easier getting in and out of stores too.
No. The $1 coin is too heavy in the pockets and ruins the drape of my clothes.
One and two dollar coins would be great, but they need to be distinguishable easily in the hand not like the SBA's that we have now that are way too close to the quarter. How about a coin smaller than a quarter but 1.5 to 2x as thick? As for the penny, I am doing my bit by throwing them away.
I lived in Europe for 6 months with the Euro. It is a bit of a transition, and you may have to buy a new wallet with a change pocket, but coins are so easy. To save that much money, go to coins. But we have to phase out the dollar bill too. That is why the Susan B and Sacajawea failed.
1
Sure, I would love to carry around 50 coins in my pocket instead of a few pieces of paper.
With all the change in the coin section of my wallet, it's heavy enough. As it is, I could probably bludgeon someone with it. I don't need more and bigger coins making it heavier. I'd rather keep the pennies. I never seem to have enough of them when I am trying to give a cashier the correct change.
No, we should not replace the dollar bill. It is simply too annoying to have dollar coins jingling around in your pocket all day long. Dollar bills are easy to carry around and are unique to America.
Get rid of the penny first, then consider adding one dollar and two or five dollar coin. But put someone else in charge of designing the coins. Most US coins today are just plain ugly.
There is an old adage: "Bad money drives out good." Paper money is bad money, with its value purely extrinsic. It has literally no intrinsic value at all, as is demonstrated by the mountains of them that the Treasury burns every year.
Coins are at least durable, even if their intrinsic value is only a small fraction of their extrinsic, or "face," value. Indeed, that difference in the intrinsic and extrinsic value of our coins was for most of our history one of the chief ways, along with tariffs, by which we funded our Federal government, since it pockets the difference. It is called "seignorage."
As long as we keep printing dollar bills, a dollar coin will never catch on. Indeed, in view of the inflation that has set in since the last time we stopped minting our smallest-denomination coin, the half-cent that was last struck in 1857, we should revamp our coinage completely, terminating the cent and the nickel, leaving the dime our smallest-denomination coin, and stop printing both one-dollar and five-dollar bills and replace both with coins.
This would retard inflation, as it would be more difficult from a market perspective to raise a price of an item ten cents at a single throw.
I also very strongly wish that the designs of our coinage would return to celebrating our ideals of freedom and liberty rather than personages from our past. This dead president thing was only started in the first decade of the 20th Century and it was and remains a backward-looking idea.
Coins are at least durable, even if their intrinsic value is only a small fraction of their extrinsic, or "face," value. Indeed, that difference in the intrinsic and extrinsic value of our coins was for most of our history one of the chief ways, along with tariffs, by which we funded our Federal government, since it pockets the difference. It is called "seignorage."
As long as we keep printing dollar bills, a dollar coin will never catch on. Indeed, in view of the inflation that has set in since the last time we stopped minting our smallest-denomination coin, the half-cent that was last struck in 1857, we should revamp our coinage completely, terminating the cent and the nickel, leaving the dime our smallest-denomination coin, and stop printing both one-dollar and five-dollar bills and replace both with coins.
This would retard inflation, as it would be more difficult from a market perspective to raise a price of an item ten cents at a single throw.
I also very strongly wish that the designs of our coinage would return to celebrating our ideals of freedom and liberty rather than personages from our past. This dead president thing was only started in the first decade of the 20th Century and it was and remains a backward-looking idea.
Absolutely not! The paper dollar is one of the most effective monetary devices ever invented. It is light weight and comes in a renewable form. Quit wasting time on problems which do not need solving. Work on the real issues in our economy like a lack of return on the baby boomers savings.
I support any currency changes that result in less cost associated with currency creation.
We don't need pennies. Probably no nickels either. Replace the dollar bill with coins makes sense too.
There are so many common sense ways we can cut costs that don't involve punishing the elderly and the young.
We don't need pennies. Probably no nickels either. Replace the dollar bill with coins makes sense too.
There are so many common sense ways we can cut costs that don't involve punishing the elderly and the young.
1
I love travel in Europe where I can pay for lots of things with large value coins from my pocket and i don't have to get out my wallet.
I understand the practically of it, and economics for the Treausry. Coins are in the long run much cheaper and long lasting.
But there's this, and I run into it abroad, too, in Europe and Latin America. Coins are downright heavy and bulky. I can have $10 in one dollar notes in my wallet taking up next to no space and weighing all of, what? maybe 2 ounces (56 grams or so for the metriicians among us).
When I pull a $1 bill out of my wallet it's a simple process. Finding a coin isn't necessarily so, even now in the U.S. when one mistakes a nickle for a quarter.
Sure, I bow to change, like the tax payer spending less on the process, and I adapt. But I won't care if they stay with notes, either.
But there's this, and I run into it abroad, too, in Europe and Latin America. Coins are downright heavy and bulky. I can have $10 in one dollar notes in my wallet taking up next to no space and weighing all of, what? maybe 2 ounces (56 grams or so for the metriicians among us).
When I pull a $1 bill out of my wallet it's a simple process. Finding a coin isn't necessarily so, even now in the U.S. when one mistakes a nickle for a quarter.
Sure, I bow to change, like the tax payer spending less on the process, and I adapt. But I won't care if they stay with notes, either.
Two problems as I see it: first, the dollar coins look too similar to quarters, and second, they are too heavy in the pocket. One dollar bills, aside from being dirty because of over-handling, work pretty well and they still spend the same.
5
And lets get rid of Andrew Jackson and keep Alexander Hamilton on our paper money.
15
This is simple. Step one, get rid of the penny. Today a nickel is worth less than the penny forty years ago. Step two, get rid of the dollar bill. Those steps create room in the cash registers. Step three, use those spaces for a well-designed, somewhat different shaped dollar coin and a more widely circulated $2 note. The $2 note is still being produced but many banks don't carry them and merchants view them as bothersome as long as the $1 note is taking space in the drawer.
2
Youth, Beware!
The issue of coins versus paper may become academic. Those who would be total tyrants are advocating a cashless society.
"Let me issue and control a nation's money and I care not who writes the laws." -Mayer Amschel Rothschild (1744-1812)
To paraphrase the Bard, a sewer by any other name would smell as foul. Such is the case with the politicians’ ending cash-money.
The schemes of the central banks are failing. The stench of their desperation pollutes the economic atmosphere. The elimination of cash represents the latest grasp at survival of a corrupt and fatally flawed system.
Should the evil scheme come to pass, it only will add to the economic, legal, and political tyranny progressively enveloping this nation on fire. Meanwhile the Swiss, besieged by us among others, continues to print CHF1,000 notes. There even is a small but notable movement there to print a CHF5,000 note.
“Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety.” -Benjamin Franklin (1706-1790)
The proponents of tyranny always claim to be protecting national security or the public interest. A single system of plastic cards and electronic transfers merely represents the latest scheme to enrich the government and buy votes by redistributing wealth from the productive to the unproductive.
Who will suffer most? The young!
See “Youth, Beware!” under ...
http://nationonfire.com/category/economy/ .
The issue of coins versus paper may become academic. Those who would be total tyrants are advocating a cashless society.
"Let me issue and control a nation's money and I care not who writes the laws." -Mayer Amschel Rothschild (1744-1812)
To paraphrase the Bard, a sewer by any other name would smell as foul. Such is the case with the politicians’ ending cash-money.
The schemes of the central banks are failing. The stench of their desperation pollutes the economic atmosphere. The elimination of cash represents the latest grasp at survival of a corrupt and fatally flawed system.
Should the evil scheme come to pass, it only will add to the economic, legal, and political tyranny progressively enveloping this nation on fire. Meanwhile the Swiss, besieged by us among others, continues to print CHF1,000 notes. There even is a small but notable movement there to print a CHF5,000 note.
“Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety.” -Benjamin Franklin (1706-1790)
The proponents of tyranny always claim to be protecting national security or the public interest. A single system of plastic cards and electronic transfers merely represents the latest scheme to enrich the government and buy votes by redistributing wealth from the productive to the unproductive.
Who will suffer most? The young!
See “Youth, Beware!” under ...
http://nationonfire.com/category/economy/ .
2
I kept spending Susan B Anthony's as quarters. Not the end of the world, but annoying.
Get rid of the penny. I always round up or down. It beats having plastic bags full of coins in every drawer, never to be circulated again. A dollar coin is another solution looking for a problem.
Get rid of the penny. I always round up or down. It beats having plastic bags full of coins in every drawer, never to be circulated again. A dollar coin is another solution looking for a problem.
2
As for getting rid of "big bills," there is a small percentage of people like me who do not want to give banks a percentage of each transaction we make -- I'd much rather see a return of the $500 bill. I try to use cash for every in-person transaction -- and for larger transactions (such as a week's supply of groceries for a family of four) I'd rather not carry sheaths of small bills.
1
Excellent idea. But need to make the dollar coin unique ... such as English pound is unique vs other coins. It is thicker and easily distinguished. We also need to ditch the penny... rounding purchases up or down to the nearest nickel.
1
Let's face it, having a large piece of paper worth maybe 10 cents is not worth the trouble. Reality says, with the way our current system drives the economy, the dollar is not worth the paper it's printed on. I say tax the wealth of the superrich and see if we have to make any change in the dollar after that.
3
The dollar bill is an American institution, but let's face it, it's pretty much worthless nowadays. What can you buy with a dollar? Most of the time, it doesn't even buy you a can of soda.
I grew up in the UK, where the pound not disappeared years ago. And I can tell you, nobody missed it.
Every dollar bill in my wallet is like a dirty little rag. God only know how many times each of them has been handled.
Time to say goodbye to the dollar bill, I say. I don't know why the existing dollar coins weren't used more.
But now is the time to do so.
I grew up in the UK, where the pound not disappeared years ago. And I can tell you, nobody missed it.
Every dollar bill in my wallet is like a dirty little rag. God only know how many times each of them has been handled.
Time to say goodbye to the dollar bill, I say. I don't know why the existing dollar coins weren't used more.
But now is the time to do so.
You can buy the same stuff with a dollar bill that you can with a dollar coin. Only you don't get a dirty look from the cashier when you use a dollar bill.
In countries with dollarized economies like Panama and El Salvador it took awhile for people to get used to $1 coins but it eventually caught up and now $1 bills are seldom seen. I ; for one , has gone cashless so I don't have to handle dirty bills (regardless of the denomination) or heavy coins. I use a debit in my daily transactions except when buying lottery tickets !
I've lived in Australia and New Zealand, both of which dumped the 1c and 5c coins and replaced $1 and $2 bills with coins. It works fine. Prices at the grocery store and elsewhere still end in cents; rounded for cash (1=4cents down, 5-9 cents up) but not for plastic, obviously. What are we waiting for?
2
People here didn't reject the dollar coin; we simply seldom, if ever, came across them. Ecuador uses U.S. currency and coins as their legal tender. Everyone uses the dollar coin. It takes me about 15 seconds to get used to them when I visit. If I ever got them in my daily life here, I'd gladly use them.
6
I find it easier to carry paper bills in my wallet than heavy coins in my pocket. Unless you want to eliminate the dime and make dollars the size of dimes. Those i don't mind.
7
I love the idea of a dollar coin. Besides saving money, coins can also save time when shopping. When traveling in the eurozone, I like being about to pay for most small purchases by reaching into my pocket rather than my wallet. It's faster and doesn't require me to display all the money & credit card I have with me.
And -- get rid of the penny.
And -- get rid of the penny.
1
Let's solve two problems at once. Re-value the penny at $1 and ditch the dollar bill. It would simultaneously return value to a coin that is currently despised for its worthlessness and redistribute wealth.
7
Canadian dollar and two-dollar coins are very functional. The size and shape are the keys. Also, while we are at it, dump the penny. Only Business likes them.
6
What is the "Dollar Coin Alliance" to which Mr. Klein is a (paid?) consultant ? Could this be an example of special pleading by someone with a personal interest in the outcome?
2
No, no, no!
4
Of course we should switch the $1 unit from a note to a coin.
But the next time we do it, take the paper bill out of circulation as well so the switch-over actually works.
But the next time we do it, take the paper bill out of circulation as well so the switch-over actually works.
9
Eliminate paper $1 bills and people will have to use coins.'
Eliminate pennies. I have been to many foreign countries, including many much poorer than the USA. None have coins in general circulation with a value as low as a penny. Round transactions up or down to the closest 5 cents.
A dollar is worth what a quarter was worth not that long ago. George, its been good while it lasted.
Eliminate pennies. I have been to many foreign countries, including many much poorer than the USA. None have coins in general circulation with a value as low as a penny. Round transactions up or down to the closest 5 cents.
A dollar is worth what a quarter was worth not that long ago. George, its been good while it lasted.
14
I totally agree with all the comments here that the problem with the previous $1 coins (golden dollar anyone) is that they were sized to be similar to quarters to placate the vending machine industry. In all other countries (UK, Canada, euros) the equivalent coin is usually thicker and heavier than the fractional coins so you can pick it out right away. I would also not stop there and follow their lead and have an even larger $2 coin made.
29
Where on earth did you get the statistic that two-thirds of the American public approves of your scheme, Mr. Klein?
Do cite references for your statistics, or we will begin to suspect that you are speaking through your hat.
Do cite references for your statistics, or we will begin to suspect that you are speaking through your hat.
24
Possibly those "statistics" came from a self-funded "study".
We have been down this road before - with the Susan B. Anthony dollar coin, and the Sacagawea dollar coin. Both of these were just so slightly larger than a quarter that they were hard to tell apart. When using them at stores, the cashier would examine them to make sure the denomination, and then have nowhere to put them in the cash drawer.
If we get a new dollar coin, what happens to Susan B and Sacagawea?They are still in circulation, if only in Post Office, MetroNorth and subway machines..
If we get a new dollar coin, what happens to Susan B and Sacagawea?They are still in circulation, if only in Post Office, MetroNorth and subway machines..
7
Make it a different shape and color and stop making dollar bills. Problem solved, just as it was in England 30 years ago.
1
Let's start by getting rid of the penny which is as obnoxious and unnecessary as weeds in the garden. But hey, these ideas come from Canada which is the socialist bastion, so the chances of us following these ideas are very minimal.
88
"Socialist bastion"?
Seriously?
Have you ever been outside of the US?
Seriously?
Have you ever been outside of the US?
For some reason, I hate coins. They are constantly falling out of my pocket. Not too bad for pennies and nickels, but get expensive if your talking dollars.
26
It makes total sense to change to coins. However the reality is the weight and dumping more coin in the jar at home at the end of the day. I was a bank teller when the Susan B $1 came out, then the public didn’t want them. And if we get rid of the penny and round up, who makes that few cents on the billions of transactions in the country yearly? As an accountant I can hear business running estimates and being in totally agreement with that change, as long as they keep those pennies. Well I would rather keep those pennies and roll them up annually and keep my $50 in hard earned coin in my pocket.
9
While you round 3 and 4 cents up to 5 cents, you also round 1 and 2 cents down to 0. Over billions of transactions it all evens out. Nobody gets rich.
Coins wear a whole in my pocket. Every day I empty them into a tray. Bills are light weight and fold into all kinds of pockets.
32
We have £1 coins in the UK and most men carry a coin purse in their pocket to stop the weight tearing holes. It works!
1
Although many homeless panhandlers ask for spare change, they often become angry if I actually hand them whatever change I have in my pockets. Even the homeless don't want pennies, nickels and dimes. They even scoff at quarters.
They want dollars.
I save all my quarters for my laundry machines in my building. I save up all the rest of my change -- nickels, dimes and pennies -- until I have a couple bucks and then give it to a homeless person.
Sometimes I come across a place on the sidewalk full of pennies which I believe have been rejected by panhandlers who throw them to the ground.
So when I hand over a fistful of my nickles/dimes/pennies I say "I save my quarters to do my laundry and I am about to give you a couple dollars in small coins. If you don't want them, fine, but please don't yell at me." So far, no one has yelled but they used to before I made the speech.
Not even the homeless want coins. And I think the homeless are starting to want bigger bills but that's another issue. Don't misunderstand me: I have much empathy and compassion for the homeless, victims of our corporatized democracy. My point is narrow: not even the homeless want small coins anymore.
They want dollars.
I save all my quarters for my laundry machines in my building. I save up all the rest of my change -- nickels, dimes and pennies -- until I have a couple bucks and then give it to a homeless person.
Sometimes I come across a place on the sidewalk full of pennies which I believe have been rejected by panhandlers who throw them to the ground.
So when I hand over a fistful of my nickles/dimes/pennies I say "I save my quarters to do my laundry and I am about to give you a couple dollars in small coins. If you don't want them, fine, but please don't yell at me." So far, no one has yelled but they used to before I made the speech.
Not even the homeless want coins. And I think the homeless are starting to want bigger bills but that's another issue. Don't misunderstand me: I have much empathy and compassion for the homeless, victims of our corporatized democracy. My point is narrow: not even the homeless want small coins anymore.
I think it is a great idea. The idea has failed in the past because introduction of the coins was not coupled to elimination of the bills. Getting rid of pennies and rounding to the nickel is great too. Each one of these would be perceived as a big change, so they should all be done together and have one change rather than a bunch of them.
17
Getting rid of pennies makes great sense, but for American travelers, getting rid of the dollar bills could cause problems in those countries where the dollar is again accepted for purchases. One can give small tips without having to exchange currency, since money changers accept bills but not coins. Currently crossing the Pacific Ocean by ship and every island where we have stopped has accepted US currency for taxis and many purchases. But don't try to tip with coins!
6
Really? A one dollar tip?
1
Really bad idea! Let's do the opposite - get rid of coins altogether. All cash goes into one wallet - no need for wallet plus change purse or separate pocket. Make lower-value denominations smaller so you can tell their value by feel. Nobody is going to waste their time counterfeiting small bills, so that's not an issue. Stop needlessly weighing ourselves down!
4
Obvious you don't remember 'Mr. One Dollar' a film with Bert Lancaster.
Only if it's like the giant stone coins of the Yap Islanders.
6
The dollar coin is long overdue. It should be a different size from other coins. It is time to eliminate the penny too.
7
I'm all for it. The present dollar bills look like wrapping paper. They a mess. Time to get on with the rest of the world.
2
I agree. Follow Canada's and Europe's lead: $1 coins. $2 coins. Even $5.00. Eliminate $1 and $2 bills. Make the smallest paper denomination the Lincoln $5.00 bill.
Yes, I know, the vending machine industry will howl bloody murder. It always does. It opposes any changes to the look and feel of US currency and hires lobbyists to kill enabling legislation in Congress. It pays millions to kill reforms, a cost of doing business that it then passes on to those who would benefit most from the reforms: American taxpayers and consumers. And the companies that manufacture specialized paper and inks used to manufacture paper currency are against it because it would cut into their profits. Any savings come at their expense so, of course, they are against it. They hire lobbyists to block it in Congress, too. And if their money flowing into Democratic and Republican campaign coffers is "right" our Congress is more than happy to oblige. It's so depressing.
It will cost a fortune to modify millions of vending machines. And not printing the Washington $1 will raise the unit cost of printing other dollar denominations. But do it anyway. Force our wonderful elected representatives to sing for their supper elsewhere.
Yes, I know, the vending machine industry will howl bloody murder. It always does. It opposes any changes to the look and feel of US currency and hires lobbyists to kill enabling legislation in Congress. It pays millions to kill reforms, a cost of doing business that it then passes on to those who would benefit most from the reforms: American taxpayers and consumers. And the companies that manufacture specialized paper and inks used to manufacture paper currency are against it because it would cut into their profits. Any savings come at their expense so, of course, they are against it. They hire lobbyists to block it in Congress, too. And if their money flowing into Democratic and Republican campaign coffers is "right" our Congress is more than happy to oblige. It's so depressing.
It will cost a fortune to modify millions of vending machines. And not printing the Washington $1 will raise the unit cost of printing other dollar denominations. But do it anyway. Force our wonderful elected representatives to sing for their supper elsewhere.
20
Good points all around, but I'm not sure the unit cost of printing the other denominations would go up that much anyway. The only economy of scale that would be lost would relate to the paper itself, since less would be needed; otherwise the main expense in industrial-scale printing relates to manufacturing and maintaining the plates – none of which are shared between any two denominations.
1
I may be mistaken, but it's my understanding that the vending machine industry, through the letter writer's own lobbying organization, is strongly in favor of moving to dollar coins. http://www.cnn.com/2013/11/28/us/one-dollar-coins/
1
Okay by me. One-dollar bills will have to be pulled from circulation for it work, of course.
7
Just stop printing them. They wear out pretty quickly.
2
didn't we have this debate when Susan B Anthony dollar coins were first proposed the according a wiki: it was a United States dollar coin minted from 1979 to 1981, when the series was halted due to POOR Public Reception, and again in 1999. what has changed - its popularity ? what to give me change from my purchase - require retailers if the customer wants - to put the money back on to your debit card and banks not charge -
1
I agree with Robert Roth that a dollar coin should be large enough so as not to be confused with a quarter.
1
Or make the edges smooth like the nickle so that it has a different feel.
1
With the introduction of technology for using your ATM/VISA cards on parking meters, and other apps etc, why do we need a dollar coin?
1
I'd rather not give the banks a swipe fee for every transaction.
3
This should not be a problem, as there are already dollar coins in circulation.
1
Exactly! The option is available now, and the market prefers paper to coin.
1
We are on the cusp of all electronic money, use a card (phone) and a reader. Make it easier to deposit into an account and have the current balance always available, including pending transactions. Unfortunately, we don't seem to be able to provide a secure system. The card could also be used for secure, non-financial transactions, such as submitting your IRS forms, getting on planes, etc. Personally, I don't use currency any more, I use my SS debit card and sometimes money orders. For special occasions, have a piggy back associated revolving credit account.
The time has come to retire the $1 bill. Paper dollars are expensive to produce, easily replicated, and wear out quickly.
A well design coin with a solid transition plan can succeed; light weight (Aluminium/Zinc), distinct shape (roundish with 12 flat sides), distinct color (Green), with a beautiful design (such as Augustus Saint-Gaudens design of the $20 double eagle, not the cartoon-like design our Presidential dollars have today.), and a date on which all paper dollars are no longer legal tender.
A well design coin with a solid transition plan can succeed; light weight (Aluminium/Zinc), distinct shape (roundish with 12 flat sides), distinct color (Green), with a beautiful design (such as Augustus Saint-Gaudens design of the $20 double eagle, not the cartoon-like design our Presidential dollars have today.), and a date on which all paper dollars are no longer legal tender.
5
townies should be toonies, spelling correction got me
1
We've been down this road twice so far and neither time worked. The Silver Dollar / Eisenhower Dollar was too big. The Anthony Dollar was too close to the Quarter. What are you going to do differently to make this iteration successful?
4
Dollar coins could be heavy. The 1 and 2 euro coins are.
4
Not a bad idea as long as it is done in such away that you don't confuse it with a quarter.
1
The elimination of the penny and the half-dollar coins and introduction of one and two dollar coins in Canada has been a real success. My pockets are no heavier than before and cash registers just use the penny and half-dollar slots for what we call Loonies (loon on the front) and townies. Handy for parking meters, ferry and bus fares, vending machines, etc.
9
Forget it. We've rejected the idea of having a dollar coin since the days of the big silver dollar "Cartwheel" went away.
4
For the record, along with the nickels and dimes that have always existed, several years ago for anything under $5.00, Canada moved to $1.00 and $2.00 coins and recently eliminated pennies so that all transactions are to the nearest nickel. Very easy to do, more practical and since coins last considerably longer than paper money, it saves the mint(and the taxpayer) millions every year.
I always find it rather strange that whenever this idea surfaces, for a country like America that considers itself so advanced, how so many Americans are so reluctant to change even it is to their obvious benefit.
I always find it rather strange that whenever this idea surfaces, for a country like America that considers itself so advanced, how so many Americans are so reluctant to change even it is to their obvious benefit.
26
Dollar coins do weigh more than paper ones, but you can put them in your front pocket, and reach in to fish them out single handed for the person at the coffee shop for your morning brew. With bills, you need to remove your wallet with one hand, and open it with the other to slide a couple of bills out.
For those who may not know, we already have many shiny new dollar coins, but they do not circulate much because businesses do not have a coin slot for them in their cash registers, and Americans are generally too conservative to try something new. The solution is to eliminate the darned penny, which costs more than 1 cent to make and has practically no value. I go to my bank every couple of months and ask for $100 worth of dollar coins, then always carry a few in my front pocket. I love the expressions of delight I get from certain cashiers when I hand them one!
I started using dollar coins years ago when I learned that, under the orders of Congress, the US Mint had been manufacturing a series of dollar coins, each with one of the US presidents on it. But since no one was using them, the Mint went to Congress and asked for $800,000 to build a warehouse to store all the unused coins in. Congress frantically said "stop, stop!", kind of like that scene in the Disney movie "Fantasia" when the sorcerer's apprentice directs the broom to haul water buckets, then falls asleep, waking to a flood from the buckets of water that the broom had hauled non-stop while he slept.
For those who may not know, we already have many shiny new dollar coins, but they do not circulate much because businesses do not have a coin slot for them in their cash registers, and Americans are generally too conservative to try something new. The solution is to eliminate the darned penny, which costs more than 1 cent to make and has practically no value. I go to my bank every couple of months and ask for $100 worth of dollar coins, then always carry a few in my front pocket. I love the expressions of delight I get from certain cashiers when I hand them one!
I started using dollar coins years ago when I learned that, under the orders of Congress, the US Mint had been manufacturing a series of dollar coins, each with one of the US presidents on it. But since no one was using them, the Mint went to Congress and asked for $800,000 to build a warehouse to store all the unused coins in. Congress frantically said "stop, stop!", kind of like that scene in the Disney movie "Fantasia" when the sorcerer's apprentice directs the broom to haul water buckets, then falls asleep, waking to a flood from the buckets of water that the broom had hauled non-stop while he slept.
3
I've been using presidential dollar coins for years, they're impossible to obtain at banks but the USMint sells them in quantity. Too bad the shipping no longer is free, that happened after too many buyers bought the coins with frequent flyer credit cards and then turned the coins in to local banks after garnering the flyer miles. It's also too bad that the images of the presidents aren't quite as accurate as some of us remember. One real advantage is that they don't store germs as do paper bills; that person in front of you at the register with a cold just handed the clerk the dollar bill that you'll get in change. Yuck.
2
But the dollar coin looks like a quarter! What rocket scientist decided that size? Sometimes I wonder about American exceptionalism; we're exceptionally incompetent in so many areas.
5
Are you thinking of the Susan B. Anthony dollar, also known derisively as the Carter Quarter? The new dollar coins are gold and bigger than quarters. They also have smooth edges. It would be difficult to confuse a Sacajawea dollar with a quarter.
Definitely. It is so much easier dealing with one and two Euro coins that fumbling around with singles. Consider that our dollar now has the purchasing power that a quarter did in 1976, It is time for the dollar to join the quarter in the coin section of our pockets and cash registers. Our clinging to dollar bills is like our refusal to adopt the metric system -- quaint, parochial and not intelligent.
11
No. Too heavy. Plus, I agree with MetroJournalist on how to save money.
2
I think the US currency should remain black blue instead of Gray Blue meaing Gold coin. If the US Federal Reserve will have to Switch into Dollar Coin, then the UK must be ready for a currency war with the US.
I dont walk on the moon for no reasons and end up loving Bayern with its 1 litre beers and schrumpf trousers.
I dont walk on the moon for no reasons and end up loving Bayern with its 1 litre beers and schrumpf trousers.
As a Canadian, I feel that I should speak up. I can’t speak to the economic benefits/drawbacks to switching from bills to coins, but I can speak to them from a purely practical standpoint. In short, paper bills so much better.
Hauling around a pocketful of heavy coins is simply inconvenient and unpractical. (Granted, we also have the $2 coin as well). They pile up at home, too, since I always unload them at the end of the day and I rarely ever put more than $4 in coins back into my pocket the following day. I would much rather have lightweight $1 bills in my wallet rather than $1 clunky coins in my pocket any day.
Don’t be “loonie”: keep the $1 paper bill (but ditch the penny altogether).
Hauling around a pocketful of heavy coins is simply inconvenient and unpractical. (Granted, we also have the $2 coin as well). They pile up at home, too, since I always unload them at the end of the day and I rarely ever put more than $4 in coins back into my pocket the following day. I would much rather have lightweight $1 bills in my wallet rather than $1 clunky coins in my pocket any day.
Don’t be “loonie”: keep the $1 paper bill (but ditch the penny altogether).
50
Not me. I prefer the $1 and $2 coins though the name 'loonie' and doubloonie are funny nicknames for them. I also find that you have to be careful with the new coins because they are not always accepted in vending machines.
i found the same thing when travelling throughout the UK and Europe. after a while those 1 unit pieces began to really weigh down my pockets (where i tend to carry small denominations). when i got home, i must have had 20 euro/pound worth of coins and while i am saving them for my next trip, they really are cumbersome. i can keep 20 $1 bills in my pocket or wallet without the extra weight.
2
This Canadian strongly disagrees with Mark B. of Toronto. One- and two-dollar coins are much more convenient than paper money. Instead of hoarding the coins, go and spend them or change them for higher-value paper money from a cashier or bank. Coins are much handier than banknotes for vending machines and parking meters, two common uses for loonies and toonies, as we call our $1 and $2 coins. I am glad that Canada made the change to coins and I certainly would not go back!
12
please. Get rid of the dollar bill and get rid of the penny and nickle.
The dollar coins we are minting today, Presidential and Sacagawea dollars, are a far superior replacement for dollar bills. They work well in vending machines and parking meters and are easily distinguished from quarters by their gold color and smooth edge.
Inflation has made pennies and nickles practically worthless, certainly worth far less than cost of producing them: the US mint lost $110 million dollars on pennies and nickles in 2014. When I drop them on the ground, the only reason I pick them up is that it is littering. The 1/2 cent piece was discontinued in 1857, making the cent the lowest denomination coin, with the buying power of 28 cents in 2014. We could thus do away with the penny and the nickle, as the dime still has almost 3 times the buying power of the 1857 cent.
The weight we would save by eliminating useless pennies and nickles from our pockets would more than compensate for the extra weight of the dollar coins.
The dollar coins we are minting today, Presidential and Sacagawea dollars, are a far superior replacement for dollar bills. They work well in vending machines and parking meters and are easily distinguished from quarters by their gold color and smooth edge.
Inflation has made pennies and nickles practically worthless, certainly worth far less than cost of producing them: the US mint lost $110 million dollars on pennies and nickles in 2014. When I drop them on the ground, the only reason I pick them up is that it is littering. The 1/2 cent piece was discontinued in 1857, making the cent the lowest denomination coin, with the buying power of 28 cents in 2014. We could thus do away with the penny and the nickle, as the dime still has almost 3 times the buying power of the 1857 cent.
The weight we would save by eliminating useless pennies and nickles from our pockets would more than compensate for the extra weight of the dollar coins.
8
I think we should do away entirely with the concept of one dollar,whether in paper or coin. In this day and age it is rarely used alone. The cost of most articles certainly exceeds one dollar, It should be replaced, as I believe it was in Canada, with the now forgotten two dollar bill. I also think we can do away with the penny, which I understand costs more to produce than its face value.
1
Yes, dump George ($1 bill). And while we're at it, dump Abe(penny) too.
Having lived in London where the smallest note is 5 pounds (about $7 today), I can say that the coins are far more convenient. You get used to it pretty fast.
Having lived in London where the smallest note is 5 pounds (about $7 today), I can say that the coins are far more convenient. You get used to it pretty fast.
2
The move is already on to a cashless society which is as it should be. No one wants a pocketful of coins jangling around. In the short term use the useless (and costly_ penny and for goodness sake get on the metric system already.
I have traveled to a fair number of countries (not as many as I wanted). Using a one or two dollar coin is usually easier than paper money. This "debate" has been kicking around the U.S. for as long as I can remember. Paper dollars are less expensive as the letter writer wrote. The only reason we still use them is they have become reified in the American mind. Maybe if Clinton becomes president she can move Hamilton from the ten to the one dollar coin, and then put a notable woman on the ten.
1
A savings of $13 billion can be accomplished stat by switching to a European-style national healthcare and getting out of Afghanistan. There might even be money left over for public education and to fix America's crumbling infrastructure.
https://www.nationalpriorities.org/cost-of/?redirect=cow
https://www.nationalpriorities.org/cost-of/?redirect=cow
113
its sad to think that switching to a dollar coin can be compared to these 2 much more important topics when it comes to budget, even if there is a "stat" vs 30 years....
not to put any less weight on your suggestion but if a simple change to a coin can so easily impact 1/30th of those 2 positive changes and doesn't have nearly as many loud opposing sides, I think changing to a coin should be a no brainer, as long as we go cold turkey on the dollar bill
not to put any less weight on your suggestion but if a simple change to a coin can so easily impact 1/30th of those 2 positive changes and doesn't have nearly as many loud opposing sides, I think changing to a coin should be a no brainer, as long as we go cold turkey on the dollar bill
1
no. It would not be possible to conveniently carry around a sufficient amount of cash (say 10 ones) in, say, a wallet. carrying around a dozen or so large coins (they would have to be large do differentiate them from quarters) would be a little inconvenient. This would outweigh cost savings to the treasury from manufacturing paper dollars that have a much, much shorter life span than metallic coins.
5
If there is to be a switch to a dollar coin then make it exactly like the old time "cart wheel" Liberty Head Morgan silver dollar or Peace Silver Dollar. Come to think of it make it contain the same weight 26.73 g (412.5 gr) of 90% silver 10% copper too while they are at it.
Do not bring back the quarter sized 26.5 mm (1.043 in) coins like the Susan B. Anthony dollar or the Sacagawea or the presidential series.
If they can't make real silver dollars than I'd rather stick to the plain old $1 paper bills thank you very much.
Do not bring back the quarter sized 26.5 mm (1.043 in) coins like the Susan B. Anthony dollar or the Sacagawea or the presidential series.
If they can't make real silver dollars than I'd rather stick to the plain old $1 paper bills thank you very much.
2
Whenever I travel to Western nations like Italy and Australia, I am again and again taken aback by two observations:
1: The 1-note coin significantly reduces the amount of money I need to carry around. Because it is small and easily distinguishable, it is easier to pay the difference in a few 1-2 dollar/euro coins and reduce the inevitable wallet buildup. (That being said, we should take Australia's lead and print proportionally-sized bills on tough plastic. The blind and visually impaired will be grateful).
2: Pennies are spoken of in mythical terms. Nobody bothers to charge for units that don't end in a 5 or a 0.
While we consider retiring the dollar bill, we should do the same with the pointless penny. There is not a single machine I know of in the United States that accepts pennies, with the exception of souvenir penny-presses. And that's all the penny should be: a memory.
1: The 1-note coin significantly reduces the amount of money I need to carry around. Because it is small and easily distinguishable, it is easier to pay the difference in a few 1-2 dollar/euro coins and reduce the inevitable wallet buildup. (That being said, we should take Australia's lead and print proportionally-sized bills on tough plastic. The blind and visually impaired will be grateful).
2: Pennies are spoken of in mythical terms. Nobody bothers to charge for units that don't end in a 5 or a 0.
While we consider retiring the dollar bill, we should do the same with the pointless penny. There is not a single machine I know of in the United States that accepts pennies, with the exception of souvenir penny-presses. And that's all the penny should be: a memory.
67
You can use penny refill your library card via machine
I have six ones in my wallet right now. They come in handy and add almost no weight or bulk to the billfold. Six one-dollar coins in my pocket would be too heavy, especially if I wanted to carry other change. That's why I'm reluctant to change to $1 coins.
77
In some countries, coins are not much lighter. They don't have to be heavy.
Sure .... BUT
when was the last time you saw a 50 cent piece? Or either of the dollar coins?
The real problem here is that we will need to reevaluate the currency in sometime not-to-long.
In the mean time could we just get rid of pennies? Round all transactions to the nearest 5 cents?
when was the last time you saw a 50 cent piece? Or either of the dollar coins?
The real problem here is that we will need to reevaluate the currency in sometime not-to-long.
In the mean time could we just get rid of pennies? Round all transactions to the nearest 5 cents?
11
Actually the reason for the "war on cash" is that the big banks and big government cannot stand the thought of ordinary people going about their daily business and doing things (most of which are perfectly legal) which cannot be tracked and which do not have to go through an electronic system. They are pushing the idea that having cash or having a few large bills is an indication of criminal activity. The Times editorial staff is just a shill for the big banks.
As for the $1 bill, I use coins and paper although I actually prefer paper.